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.