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Qualcomm CEO Offered $3.5 Million As Bonus After Settlement With Apple

CNBC reported that finally the iPhone manufacturer, Apple, and global leading chipset maker, Qualcomm, decided to settle a year-extended legal battle. Owing to the settlement, Qualcomm CEO Steven Mollenkopf received a bonus amount of $3.5 Million in the form of 40,794 shares of the company.

Qualcomm revealed that not only the CEO but also the company’s entire executive team received bonuses for settling the extended dispute with Apple. The battle involved multiple claims from both the technology giants against each other.

Last month, Apple resolved the disputes with Qualcomm by announcing that 5G-enabled iPhones to be launched in the coming year would be incorporated with Qualcomm-manufactured chips. However, Apple has not disclosed any settling amount as a part of the agreement.

According to the report, though, these recently granted shares would further strengthen up; so, Qualcomm believes the settlement conditions were favorable.

In the earnings report released earlier this month, the company mentioned that additional revenue of $4.5–4.7 Billion would be expected in the form of payment from Apple as the settlement cost.

Qualcomm CFO, Dave Wise, also announced that the company further looks to raise bonuses for its non-executive and non-managerial staff.

On a similar subject, the chipset manufacturer is not only focused on smartphone development. It has collaborated with Google to design a development kit for assembling Assistant-enabled Bluetooth headphones. Though, top-tier headphone manufacturers have been continuously offering products with several hardware and software improvements. Still, they have not able to integrate voice assistant capabilities.

Product Manager at Google, Tomer Amarilio, specified in the recent announcement that with the increasing popularity of Bluetooth devices such as earbuds and headphones, the company is trying to incorporate Assistant experience across several headsets.

Google has integrated its fast pairing technology in the reference design of the development kit, which helps in easier connectivity with a new headset.

Author Details
Sr. Content Writer At Online Industry News

With a Bachelors degree in Business & Management, Deanna is serving as a Senior Content Writer for 4 years now in our organization. She deals with writing articles and reports relating to the Business world, encompassing agreements & deals, acquisitions & mergers, stock market, cryptocurrency, and so on. In her free time, Deanna likes to read suspense and thrillers genre books as well as wander around new places with friends and family.

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