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8 years ago
UPDATE 1-Qualcomm ups dividend, CEO Jacobs becomes chairman
March 3, 2009 / 9:53 PM / 8 years ago

UPDATE 1-Qualcomm ups dividend, CEO Jacobs becomes chairman

2 Min Read

* Paul Jacobs to take chairman job from Irwin Jacobs

* Raising dividend to 17 cents per shr from 16 cents

* Shares close up 66 cents or 3 pct at $33.45

NEW YORK, March 3 (Reuters) - Qualcomm Inc (QCOM.O) said on Tuesday it would increase its dividend by 6 percent and that Chief Executive Paul Jacobs would also take the role of chairman of the board, currently held by his father Irwin.

The supplier of cellphone chips and technology said Irwin Jacobs, 75, who co-founded Qualcomm and was CEO from 1985 to 2005, decided to give up the chair but remain on the board in order to devote more time to personal pursuits. Paul Jacobs, 46, took on the CEO role in 2005.

Qualcomm, of San Diego, California, also said on Tuesday that its quarterly dividend would increase to 17 cents a share in future quarters after a quarterly payout of 16 cents per share dividend due on March 27.

"Despite the uncertain global economic environment, we continue to execute on our strategic objectives, driving strong operating cash flows, enabling us to return capital to stockholders through stock repurchases and dividends," Paul Jacobs said in a statement.

The company said it returned $9.8 billion to stockholders through share buybacks and dividends since 2003. Qualcomm shares closed up 66 cents, or 2 percent, at $33.45 on Nasdaq on Tuesday.

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