Chipmaker Qualcomm, on Friday, said its Chief Operating Officer Steve Mollenkopf will take over as the CEO, replacing Paul Jacobs.

Mr. Mollenkopf will become CEO on March 4, after Qualcomm’s annual shareholder meeting.

He was promoted as CEO-elect on Thursday, and appointed to its board of directors.

He will continue to serve as the company’s President.

Paul Jacobs, who has been the CEO since 2005 after taking over from his father and Qualcomm co-founder Irwin, will assume the role of Executive Chairman.

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