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11 May, 2019 10:34

Qualcomm awards CEO with $3.5 million bonus after multi-billion settlement with Apple

Qualcomm awards CEO with $3.5 million bonus after multi-billion settlement with Apple

Qualcomm has granted generous bonuses to its top management, with its CEO enjoying the biggest reward with over $3.5 million at the current share price after a legal fight with Apple brought billions in earnings to the chipmaker.

The San Diego-based company revealed the amount of bonuses in an SEC filing on Friday. The document says that CEO Steve Mollenkopf was awarded 40,794 shares, which is about 60 percent more than Qualcomm President Cristiano Amon got for his “outstanding efforts” in achieving the license agreement and chipset supply deal with Apple.

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The other members of the executive management team, Executive Vice Presidents Donald Rosenberg and James Thompson, as well as Interim Chief Financial Officer David Wise, got some 19,264, 14,165 and 2,958 in shares respectively.

The total awards to the team amount to nearly $8.8 million, given that Qualcomm’s shares were trading at $85.84 as of Friday.

The company’s stock has skyrocketed since mid-April when the lengthy legal battles with Apple finally ended with an agreement. It was later revealed that the iPhone maker is set to pay Qualcomm at least $4.5 billion under the deal.

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The chip supplier said that while granting the bonuses it “considered the anticipated long-term stockholder value resulting” from the agreements. Earlier this month, Qualcomm also reportedly vowed to raise bonuses to its rank-and-file employees as a result of settlements with Apple.

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