With Apple about to cut ties with Qualcomm, chip designer gets new president
Today, Qualcomm announced that Cristiano R. Amon has been promoted to president of Qualcomm. He will remain top dog of the Qualcomm CDMA Technologies division (QCT) and will report to Qualcomm's CEO, Steve Mollenkopf. Amon replaces Derek Aberle, who said back in August that he would leave after the year ended.
Amon, 47, has been with Qualcomm since 1995 and he has a background in chips. That contrasts with the departing Aberle, whose focus was on patent licensing. With Aberle leaving, perhaps Qualcomm will be able to extend an olive branch to Apple before it becomes too late for Qualcomm to become involved in next year's iPhone models. Amon also has the background necessary to help lead Qualcomm into the 5G era.
As for the unsolicited bid from Broadcom, Qualcomm will most likely be more responsive to a higher bid priced above the current $70 a share offer.