Qualcomm's Paul Jacobs Out as Chairman of the Board

Paul Jacobs will no longer lead the Qualcomm Board of Directors, the company announced Friday. 

Jacobs, the son of Qualcomm co-founder Irwin Jacobs, has been a leader at the company for nearly 20 years. 

Considered a visionary, Jacobs has served as Chairman of the Board of the San Diego-based company since 2009.

He will continue to serve on the board of directors, the company said. 

"Paul has led the development of generations of semiconductors that have fueled smart phones and the worldwide wireless revolution of the past 30 years," Lead Director Tom Horton said.

Jeffrey W. Henderson, an independent Qualcomm director since 2016, has been named to serve as Non-Executive Chairman, the company said Friday.

The board said "an independent Chairman is now more appropriate for Qualcomm," according to the company news release.

Last month, Qualcomm Inc top executives met with Broadcom Ltd to discuss a $121 billion bid to buy the company, CNBC reported. 

It was the first meeting since Qualcomm rejected Broadcom's revised cash-and-stock bid of $82 per share. 

Qualcomm said the new offer still undervalues it and falls short on firm commitments on regulatory issues, CNBC reported.