Qualcomm Incorporated (NASDAQ: QCOM) today announced the promotion of Richard Sulpizio to president of Qualcomm. Mr. Sulpizio will retain his current position as chief operating officer in addition to his new responsibilities as president. Mr. Sulpizio replaces Harvey White who was appointed vice chairman of Qualcomm.
As previously announced, subject to final board approval, Qualcomm is planning to spin off its joint ventures in the wireless telecom services into a new public company. In addition to being appointed as a vice chairman of Qualcomm, Mr. White has been appointed as chairman, president and CEO of a wholly owned Qualcomm subsidiary that has been formed in anticipation of the spin-off. Upon the spin-off of the subsidiary, Mr. White will resign his new role as a vice chairman of Qualcomm, but will continue to lead the new public company as its chairman, president and CEO. Dr. Andrew Viterbi, who currently is vice chairman of Qualcomm, will continue as vice chairman of Qualcomm.
"As COO, Rich has been instrumental in the daily operations of Qualcomm during its rapid growth into a major supplier to the telecom markets worldwide," said Dr. Irwin M. Jacobs, chairman and CEO of Qualcomm. "Rich has added great value since he joined Qualcomm in May of 1991. His extensive knowledge of the Company's diverse business areas and proven leadership skills will help us to continue to provide new technologies, products and solutions for the wireless industry."
Mr. Sulpizio joined Qualcomm in 1991 as vice president of information systems. Since joining Qualcomm, Mr. Sulpizio has also served as executive vice president and president of Qualcomm's OmniTRACS Division as well as chief operating officer. Prior to Qualcomm, Mr. Sulpizio held senior management positions with Unisys Corporation. Mr. Sulpizio holds a bachelor's degree from California State University and a master's degree in systems management from the University of Southern California.
"Harvey White is one of the original seven founders of Qualcomm and has been an integral part of the Company's tremendous growth to over 10,000 employees and $3 billion in revenues," said Jacobs. "With the increasing demand for wireless telecommunications services worldwide, the management and operation of new service companies offers tremendous potential. The new company will benefit greatly from Harvey's extensive experience in the telecommunications industry."
Headquartered in San Diego, Qualcomm develops, manufactures, markets, licenses and operates advanced communications systems and products based on its proprietary digital wireless technologies. The Company's primary product areas are the OmniTRACS® system (a geostationary satellite-based, mobile communications system providing two-way data and position reporting services), CDMA wireless communications systems and products and, in conjunction with others, the development of the Globalstar low-earth-orbit (LEO) satellite communications system. Other Company products include the Eudora Pro® electronic mail software, ASIC products, and communications equipment and systems for government and commercial customers worldwide. For more information on Qualcomm products and technologies, please visit the Company's web site at http://www.qualcomm.com/.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including the ability to structure the spin-off transaction to meet its publicly stated objectives and to accomplish the spin-off in a timely manner, the impact of the spin-off on Qualcomm's stock price, the ability of the management of the spin-off company to realize value for its stockholders, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 28, 1997 and most recent Form 10-Q.
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