Qualcomm announced Tuesday that one of its co-founders would be stepping down from its board of directors next year.
Dr. Irwin Jacobs, who helped found Qualcomm in 1985 with six others, will reportedly complete his current term and retire at an annual stockholder meeting in March of next year.
In recognition of Jacobs' achievements, the Board will give him the title of "Founding Chairman and CEO Emeritus."
Jacobs helped oversee Qualcomm as it grew in size working as the company's chief executive officer from 1985 until 2005 and as chairman until March 2009.
“When we first started Qualcomm, I told my wife Joan that, if we were lucky, we might grow to 100 employees,” said Jacob. “We clearly have surpassed that."
Today, Qualcomm has over 22,000 employees and is run by Jacobs' son, Dr. Paul Jacobs, who currently serves as CEO and chairman.
Jacobs is also credited for the commercialization of Code Division Multiple Access, a technology used for wireless voice and data communication.