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Qualcomm CEO Steve Mollenkopf. Photo: David Becker/Getty Images

Qualcomm CEO Steve Mollenkopf will step down from his position in June, after more than 26 years with the company, according to a press release out Tuesday.

The big picture: Cristiano Amon, the company president who headed its 5G strategy, received unanimous support from the board of directors to replace Mollenkopf. The shift comes as the company has greatly increased its focus on the development of 5G technology.

  • Mollenkopf has been with the company for 26 years, and has served as CEO since 2014.
  • He will remain at Qualcomm as a strategic advisor "for a period of time," per the news release.

What he's saying: Mollenkopf said it was "the right time for Cristiano to assume leadership of the Company and preside over what I see as the single largest opportunity in the Company’s history."

  • "Cristiano spearheaded the development of our 5G strategy, including its acceleration, industry-leading technology roadmap and global rollout," Mollenkopf wrote.
  • "Qualcomm is well positioned for the future and I am confident that with Cristiano as CEO, the Company will continue to invent leading technologies and create value for all of our stakeholders.”

Go deeper: Qualcomm brings 5G to its lowest-end chip family

Go deeper

Jan 15, 2021 - Economy & Business

The cloud-based car is arriving

Illustration: Annelise Capossela/Axios

The notion of the car as a "computer on wheels" is moving past the realm of hype and closer to reality, which will transform the driving experience and improve road safety, too.

Why it matters: The arrival of long-promised technologies like 5G connectivity and new high-performance computers means cars will improve over time, instead of depreciating the minute they leave the dealer lot.

Updated 6 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."