Summary by Moomoo AI
On January 22, 2024, Qualcomm Incorporated announced a significant change in its executive leadership. The company's Board of Directors appointed Akash Palkhiwala, who has been serving as Qualcomm's Chief Financial Officer since November 2019, to take on the additional role of Chief Operating Officer, effective immediately. In his expanded position, Palkhiwala will oversee the global go-to-market organization and operations, while continuing his duties as CFO. This appointment does not stem from any prior arrangements or understandings with other persons, and Palkhiwala has no family relationships with any directors or executive officers of the company. Furthermore, he has no material interest in any transactions that would necessitate disclosure under Regulation S-K. Accompanying his new role, Palkhiwala received an increase in base salary by $150,000 annually and was granted performance stock units and restricted stock units valued at $3,000,000, with vesting conditions aligned with the company's standard practices. He remains eligible for standard company benefits available to similarly situated officers.