Qualcomm Founder Jacobs Sets Retirement From Board

Dr. Irwin Jacobs, co-founder of San Diego-based Qualcomm, is retiring from the company's board, Qualcomm said last night. According to the company, Jacobs will retire at the firm's 2012 annual stockholder meeting. Jacobs will be named Founding Chairman and CEO Emeritus with his retirement. Jacobs co-founded Qualcomm on July 1, 1985, taking the firm from startup to more than 22,000 employees. Qualcomm is now in the hands of Jacobs' son, Dr. Paul E. Jacobs, who is Chairman and CEO. Jacobs had already stepped away from day to day management of Qualcomm back in 2005, and had stepped down as Chairman in March of 2009.