Apple's settlement with Qualcomm CEO after conflicts makes the later richer by $3.5 million.
- by Atithee-Apoorva
- May 13, 2019 18:21
Qualcomm CEO Steve Mollenkopf, the US-based chip-maker, has recently fought a legal war with Apple which resulted in a massive bonus of 3.5 million dollars. At Friday’s closing price the Qualcomm CEO managed to get 40,794 shares of the Qualcomm stocks.
According to CNBC, the Friday closing price was $85.84. Both the technological mammoth engaged in a conflict that was taken to the legal level, over the fact that how much Qualcomm charges for the chips that dispense a very important role in enabling and connecting devices to the cellular networks. This happened after Qualcomm noted the giant profit it's every member of the executive team would incur while filing a case with US-based Security and Exchange Commission.
Apple had earlier settled the legal battle in April and had also agreed to use the Qualcomm chips in its upcoming %G enabled cell phones. Though the price was an undisclosed affair, it had settled it earlier with Qualcomm. However, the new shares acquired by Qualcomm did prove Qualcomm that settlement was definitely favourable.
"In making these grants, the Compensation Committee considered the anticipated long-term stockholder value resulting from these agreements with one of the company's key customers," the report quoted Qualcomm as saying in the SEC filing.
Qualcomm had also aspired of better revenues, yet in May the CFO had announced the plans of Qualcomm in hiking bonuses to it rank-and-file employees.