Qualcomm says Paul Jacobs will not be renominated to board

Qualcomm said Friday of which Paul Jacobs will not be renominated to the chipmaker’s board of directors at its annual shareholder meeting on March 23.

The company said the decision was made after Jacobs informed the board of which he is usually exploring the possibility of taking the $88 billion company private. nevertheless Jacobs said in a statement of which the board’s decision to not renominate him is usually “unfortunate in addition to disappointing.”

The longtime Qualcomm executive said of which the chipmaker has “real opportunities” nevertheless of which perhaps these would certainly be easier to pursue as a private company.

“These opportunities are challenging as a standalone public company, in addition to there are clear merits to exploring a path to take the company private in order to maximize the company’s long-term performance, deliver superior value to all stockholders, in addition to bolster a critical contributor to American technology,” Jacobs said in a statement.

There is usually no guarantee of which Jacobs will ultimately present a formal proposal. nevertheless if Jacobs makes a bid, Qualcomm said the idea would certainly “of course evaluate the idea consistent with its fiduciary duties to shareholders.”

Sources have told CNBC of which Jacobs had previously expressed interest in doing This particular once before. Jacobs said in a statement of which he is usually glad Qualcomm’s board would certainly be willing to evaluate a proposal, if presented.

The Financial Times first reported Jacobs has approached multiple investors, including Japan’s SoftBank, to get funding for an acquisition bid.

Jacobs, son of Qualcomm co-founder Irwin Jacobs, previously served as CEO as well as executive chairman of Qualcomm’s board.

Last week, he stepped down via his role as executive chairman as the San Diego-based chipmaker resisted an aggressive takeover attempt via Singapore’s Broadcom. of which bid was shut down by President Donald Trump earlier This particular week, amid national security concerns.

— CNBC’s David Faber contributed to This particular report.

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