Summary
QUALCOMM Incorporated (QCOM) announced on January 19, 2005, that it has entered into a material definitive agreement with Rich Sulpizio, a current member of the Company's Board of Directors. Effective January 17, 2005, Mr. Sulpizio will assume the role of President of the Company's wholly-owned subsidiary, MediaFLO USA. He will report to Dr. Paul Jacobs and will continue to serve on the Board of Directors. This appointment represents a significant internal strategic move, placing a board member into a key operational leadership position within a subsidiary focused on media and wireless services. Investors should note the compensation details, which include an annual salary equivalent to $480,001.60, subject to Compensation Committee approval, and eligibility for standard senior executive benefits. The at-will nature of the employment and standard confidentiality agreements are also stipulated.
Key Highlights
- 1Rich Sulpizio appointed President of MediaFLO USA, a wholly-owned subsidiary.
- 2Mr. Sulpizio is a current member of QUALCOMM's Board of Directors.
- 3Employment commencement date: January 17, 2005.
- 4Mr. Sulpizio will report directly to Dr. Paul Jacobs.
- 5Annual salary equivalent to $480,001.60, pending Compensation Committee approval.
- 6Eligibility for senior executive employee benefit plans.
- 7Employment is on an at-will basis, subject to standard employment and confidentiality agreements.