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Qualcomm CEO Receives Bonus for Resolving Imbroglio with Apple

Whether Qualcomm's CEO was going crazy or not, the fact now that he's (richer).

For those who do not remember, Steve Mollenkopf was present at various times in the legal battle between Apple and the chipmaker, saying the two companies could solve the problem out of court; Meanwhile, Ma denied all allegations.

One way or another, he eventually got the deal with Apple to end the imbroglio and was therefore rewarded, as the CNBC. More precisely, Mollenkopf received 40,794 shares from Qualcomm, the equivalent of $ 3.5 million (based on the company's share price last Friday, valued at $ 85.84).

In a Securities and Exchange Commission (SEC) statement, the chipmaker noted that Qualcomm's entire executive team received bonuses for resolving the legal war with the Cupertino giant; Not least, after all, Qualcomm has announced that it will earn up to $ 4.7 billion with the deal (in short: it can).

In addition to Mollenkopf, Qualcomm's president, Brazilian Cristiano Amon, received the equivalent of $ 2.1 million in company shares, followed by the company's CTO, James Thompson, with $ 1.6 million in bonuses. The company's chief legal officer, Donald Rosenberg, received a $ 1.2 million bonus, while interim chief financial officer David Wise was rewarded with $ 253,000 in shares.

More than pleasing executives, Qualcomm also plans to increase bonuses for all company employees, according to the company's chief financial officer. As bonuses (plus other expenses) increase, Wise said he expected Qualcomm's expenses to increase by 6 to 8 percent due to the deal with Apple.

During the court battle story, Apple and its suppliers (who also failed to pass on chip maker payments on Ma's orders) withheld approximately $ 7 billion. There is as yet no information as to how much (or if) such suppliers will pay Qualcomm, or whether the agreement with Apple has already addressed this debt.

via 9to5Mac