Qualcomm Picks New Board Chairman As Broadcom Bid Looms

   By Cara Lombardo

Qualcomm Inc. (QCOM) on Friday named a new chairman of its board of directors as it continues to face a $117 billion hostile takeover bid from Broadcom Ltd. (AVGO).

Jeffrey Henderson, who has been on the Qualcomm board since 2016 and was previously finance chief of Cardinal Health Inc., will take over as nonexecutive chairman. Paul Jacobs, who served as executive chairman and was Qualcomm's CEO from 2005 until 2014, will remain on the board.

Tom Horton, Qualcomm's lead director, said in prepared remarks that it is in the best interest of shareholders to have an independent director as chairman at "this important juncture" in the company's history. Qualcomm said it is discontinuing the role of executive chairman, which was established in 2014 as part of a leadership transition plan.

Also on Friday, Qualcomm extended the offer period of a previously announced tender offer to buy all the outstanding common shares of NXP Semiconductors NV (NXP) to March 16. Qualcomm has been working for more than a year to buy NXP, which could help it fend off Broadcom by significantly increasing Qualcomm's business.

Qualcomm shares are inactive premarket Friday.

Write to Cara Lombardo at cara.lombardo@wsj.com

(END) Dow Jones Newswires

March 09, 2018 08:20 ET (13:20 GMT)

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