Qualcomm announced that CEO Steve Mollenkopf will retire from the firm in June. He will be replaced by current Qualcomm president Cristiano Amon.

“I am immensely proud of all that we have accomplished at Qualcomm and the position the company currently enjoys as the world’s leader in wireless technologies,” Mr. Mollenkopf said in a prepared statement. “With our business model clearly validated and our leadership in 5G, this is 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 … 5G.”

Long considered the heir apparent at Qualcomm, Mr. Amon joined the firm in 1995 and has been Qualcomm’s president since January 2018. In that role, he led the firm’s push into 5G, among other things.

“I am honored to be named the next CEO of Qualcomm and appreciate the confidence that Steve and the Board have in me,” he said. “Qualcomm is an incredible company. We have been at the forefront of innovation for decades and I look forward to maintaining this position going forward.”

Mr. Mollenkopf, age 52, has been with Qualcomm for 26 years. He became CEO in March 2014.

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