SAN DIEGO-Qualcomm Inc. said Richard Sulpizio was promoted to president of Qualcomm. Harvey White, current president, will assume the role of vice chairman and head of the company’s new telecom services business. Sulpizio will retain his position as chief operations officer.
The company previously announced, subject to final board approval, its plan to spin off its joint ventures in wireless telecom services into a new public company. White also was appointed chairman, president and chief executive officer of the wholly owned Qualcomm subsidiary formed in anticipation of the spinoff.
Qualcomm said it has filed an information statement with the Securities and Exchange Commission relating to the proposed spinoff, which it expects to complete by September. The new entity is known as Qualcomm SpinCo Inc., but will change its name prior to distributing stock to shareholders.
Qualcomm common stockholders will receive one share of SpinCo common stock for every four shares of Qualcomm stock owned as of a record date yet to be specified. Qualcomm said it plans to keep up to 20 percent of the new company’s shares after the spinoff.
