8-KLeadership Changes

QUALCOMM INC/DE 8-K Report, Executive Changes (Aug 28, 2019)

Filed August 28, 2019For Securities:QCOM

Summary

This 8-K filing from QUALCOMM INC/DE (QCOM) primarily announces a change in its Chief Financial Officer role. David E. Wise, who had served as interim CFO and agreed to an extended tenure, officially retired from the company on August 23, 2019. His departure marks the end of a significant transition period for the company's financial leadership. Effective August 23, 2019, Akash Palkhiwala has been appointed as the interim Chief Financial Officer. Mr. Palkhiwala brings extensive experience to the role, having been with Qualcomm for over 18 years in various senior finance and leadership positions, most recently as Senior Vice President, QCT Finance. His appointment is supported by a compensation package including a monthly salary increase and a substantial restricted stock unit grant, underscoring the company's confidence in his leadership during this interim period.

Key Highlights

  • 1David E. Wise retired as interim Chief Financial Officer, effective August 23, 2019, concluding his extended service.
  • 2Akash Palkhiwala has been appointed interim Chief Financial Officer, effective August 23, 2019.
  • 3Mr. Palkhiwala possesses over 18 years of experience within Qualcomm, holding various senior finance and leadership roles.
  • 4His most recent role prior to this appointment was Senior Vice President, QCT Finance.
  • 5The HR and Compensation Committee approved additional compensation for Mr. Palkhiwala as interim CFO.
  • 6This compensation includes a monthly salary of $150,000 for the duration of his interim service.
  • 7A restricted stock unit grant valued at $3,000,000, vesting over three years, was also awarded to Mr. Palkhiwala.

Frequently Asked Questions

Akash Palkhiwala has been appointed as the interim CFO, effective August 23, 2019. He has been with Qualcomm for over 18 years, most recently serving as Senior Vice President, QCT Finance, and has held various other finance and leadership positions within the company.

David E. Wise had previously indicated his intent to retire and had agreed to extend his employment to serve as interim CFO. His retirement from the company was effective August 23, 2019.

Akash Palkhiwala will receive an additional salary of $150,000 per month for the period he serves as interim CFO. Additionally, he was granted 40,806 restricted stock units, with a grant date fair value of $3,000,000, which will vest in equal annual installments over three years.

The filing states that Akash Palkhiwala has been appointed as the 'interim' Chief Financial Officer. This suggests that the company is seeking a permanent CFO, and his role is to lead the financial operations during the transition period.