Saying that other companies are “aggressively” using Qualcomm Inc.’s executive suite as a source for talent, Qualcomm (Nasdaq: QCOM)’s board has awarded new compensation packages for key executives.
The chip maker laid out the plan to retain its top managers in its proxy statement Jan. 22.
The plan calls for paying Chairman Paul Jacobs $45 million in front-loaded restricted stock units over five years, vesting on the third, fourth and fifth anniversary of the grant. Jacobs will earn $1 per year in salary.
CEO Steve Mollenkopf will receive $20 million in special restricted stock units and $30 million in front-loaded restricted stock units vesting over five years.
President Derek Aberle will receive $10.5 million in special restricted stock units and $16.1 million in front-loaded restricted stock units vesting over five years.
Also slated to receive front-loaded RSUs are Murthy Renduchintala, George Davis and Cristiano Amon.
Qualcomm set its annual meeting for March 9.