Qualcomm Inc., one of the biggest suppliers of chips to the mobile device industry, today said that Cristiano Amon will become chief executive officer effective June 30. 

Amon (pictured) will succeed Steve Mollenkopf, who has served as Qualcomm’s CEO for the past seven years. The company said that Mollenkopf will stay on for a “period of time” as a strategic adviser.   

San Diego-based Qualcomm makes the modem chips that are used by Apple Inc.’s iPhones and a sizable portion of the world’s other handsets to connect to carrier networks. The company also sells mobile processors that provide the bulk of many Android devices’ computing power. Under Mollenkopf’s tenure, the company has expanded into several markets beyond handsets, including the auto and “internet of things” segments.

Amon will step into the CEO post from his current role as Qualcomm’s president. The executive, who first joined the chipmaker in 1995 as an engineer, already oversees the company’s core semiconductor business as part of his responsibilities.

Another important detail is that Amon is credited with spearheading Qualcomm’s entry into the 5G market, which the company sees as the next big chapter in its revenue growth story. As newly appointed CEO, the executive can continue leading that strategically important effort.

The 5G standard enables internet connections up to 100 times faster than than previous-generation LTE technology. Qualcomm is well-positioned to make money from the shift to the standard because it’s a leading supplier of 5G modems for handsets. It also supplies antenna units and related parts that phones need to connect to carrier networks.

At the same time, the company is working to capture revenue opportunities at the other end of the 5G connection as well. In October, Qualcomm announced plans to make chips for wireless carriers’ 5G base stations.

Qualcomm has been a major player in the mobile networking landscape for more than two decades. The company pioneered the use of code division multiple access, a technology that greatly increased the bandwidth of carrier networks in the early 2000s by making it possible to send a data transmission over multiple frequencies at once. Qualcomm went on to introduce the world’s first 5G modem chip in 2018 and has since positioned itself as the top maker of 5G-enabled chips by market share. 

“With our business model clearly validated and our leadership in 5G, this is the right time for Cristiano to assume leadership of the Company and preside over what I see as the single largest opportunity in the Company’s history,” Mollenkopf said in a statement.  

“Qualcomm is set to play a key role in the digital transformation of numerous industries as our technologies become essential to connecting everything to the cloud,” added Amon.

Qualcomm reported better-than-expected revenue of $6.5 billion in its most recent earnings report. The company projected that sales would grow to between $7.8 billion and $8.6 billion in the first quarter thanks partly to increased demand for 5G chips from smartphone makers. 

Photo: Qualcomm