Qualcomm co-founder and CEO Irwin Jacobs, a pioneer in developing Code Division Multiple Access wireless technology, is handing the company to his son, Paul Jacobs.
Irwin Jacobs will remain chairman of the board, while Paul Jacobs will take a seat on the board.
Paul Jacobs, who holds a doctorate in electrical engineering from the University of California, Berkeley, joined Qualcomm in 1990. He served in engineering and management positions before assuming his current role as head of the Wireless and Internet Group.
In other executive changes, Qualcomm President and Chief Operating Officer Tony Thornley will retire, and Steven Altman will take his place. Altman, who joined Qualcomm in 1989, has served as executive vice president, general counsel and president of Qualcomm Technology Licensing.
The moves are effective July 1.
The company also announced last week that its second-quarter profit would come in higher than expected as a result of better-than-anticipated phone chip sales. But the company warned that revenue is expected to fall short and revised its second-quarter projections from $1.35 billion to $1.45 billion to 1.35 billion to $1.4 billion.