Qualcomm New CEO Mollenkopf Gets Pay Raise, $50 Million in StockIan King
Qualcomm Inc., which last week named President Steve Mollenkopf as its next chief executive officer, increased his annual salary to $1.1 million and awarded him stock worth $50 million over the next five years.
Mollenkopf, 44, also is eligible for a cash bonus targeted at 200 percent of his yearly salary, the company said yesterday in a filing. Qualcomm is giving him restricted stock units valued at $20 million as a retention payment, which will vest starting in three years, and $30 million of additional restricted stock vesting over five years. The executive’s 2012 base pay was $805,582 as part of a $14.2 million package.
Qualcomm announced the promotion of Mollenkopf, who has been second-in-command since 2011, last week after Bloomberg News reported that he was a candidate for the top job at Microsoft Corp. The largest maker of chips for mobile phones has delivered an average of 31 percent revenue growth in the past three fiscal years under the leadership of CEO Paul Jacobs, who will become executive chairman March 4.
Mollenkopf, who is also joining the board, won’t receive compensation for that role, the company said in the filing.
Qualcomm had been planning the management change for “a fairly long period of time,” and accelerated the plan, Jacobs said in a phone interview last week, without elaborating on the timing of the decision.