Summary
Qualcomm Inc. announced a significant change to its Board of Directors on November 18, 2020, with the election of two new independent directors, Sylvia Acevedo and Gregory Johnson. Both individuals have been elected for terms expiring at the next annual stockholder meeting and will serve on key board committees: Ms. Acevedo on the Governance Committee and Mr. Johnson on the HR and Compensation Committee. This strategic appointment of experienced individuals aims to strengthen the board's oversight and expertise in critical areas of corporate governance and executive compensation. Investors should note that these new directors will be compensated under the company's standard non-employee director compensation plan, which includes a grant of deferred stock units (DSUs). The pro-rata grant of 1,036 DSUs each reflects their partial-year service. The addition of Ms. Acevedo and Mr. Johnson is intended to enhance the board's composition and further align its governance practices with shareholder interests.
Key Highlights
- 1Two new independent directors, Sylvia Acevedo and Gregory Johnson, were elected to Qualcomm's Board of Directors.
- 2Both directors' terms will expire at the company's next annual stockholder meeting.
- 3Sylvia Acevedo has been appointed to the Governance Committee.
- 4Gregory Johnson has been appointed to the HR and Compensation Committee.
- 5New directors will receive compensation under the Qualcomm Incorporated 2020 Director Compensation Plan.
- 6Each new director was granted 1,036 deferred stock units (DSUs) as a pro-rata award.