Summary
Qualcomm Inc. (QCOM) announced a significant executive change on August 7, 2008, reporting the departure of Dr. Sanjay Jha as Chief Operating Officer and Group President of Qualcomm CDMA Technologies, effective August 1, 2008. Dr. Jha is leaving to pursue other employment opportunities. In response to Dr. Jha's departure, the Board of Directors appointed Len J. Lauer to the additional role of Chief Operating Officer, effective August 4, 2008. Mr. Lauer will retain his current positions as Executive Vice President and Group President. His compensation package for this expanded role includes a base salary of $575,000 and a stock option grant for 250,000 shares, with an exercise price of $52.87 per share, vesting over five years.
Key Highlights
- 1Dr. Sanjay Jha has resigned as Chief Operating Officer and Group President, Qualcomm CDMA Technologies.
- 2Dr. Jha is leaving to accept employment with another company.
- 3Len J. Lauer has been appointed as the new Chief Operating Officer of Qualcomm.
- 4Mr. Lauer will continue in his existing roles as Executive Vice President and Group President.
- 5Mr. Lauer's new compensation includes a base salary of $575,000.
- 6Mr. Lauer received a stock option grant for 250,000 shares at an exercise price of $52.87.
- 7The stock options granted to Mr. Lauer vest over a five-year period, with a staggered monthly vesting schedule.