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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.

Kaine, Collins' censure resolution seeks to bar Trump from holding office again

Sen. Tim Kaine (center) and Sen. Susan Collins (right). Photo: Andrew Harnik/Pool via Getty Images

Sens. Tim Kaine (D-Va.) and Susan Collins (R-Maine) are forging ahead with a draft proposal to censure former President Trump, and are considering introducing the resolution on the Senate floor next week.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction, Axios Alayna Treene writes. "I think it’s important for the Senate's leadership to understand that there are alternatives," Kaine told CNN on Wednesday.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.