Qualcomm rejects Broadcom’s 11 nominees for its board of directors

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Qualcomm’s current board will be nominated for re-election for another year.

At Qualcomm’s 2018 Annual Meeting of Stockholders, Broadcom and Silver Lake Partners approached the chip-maker with 11 nominees that were recommended to replace Qualcomm’s current board of directors. Following a review of the candidates it was presented with, Qualcomm chose to reject the offer.

Qualcomm’s reasoning for this is that the nominees are "inherently conflicted and would not bring incremental skills or expertise to the Qualcomm Board." As such, the board’s 11 existing members will be nominated for re-election to continue their duties.

These members include Barbara T. Alexander, Jeffrey W. Henderson, Thomas W. Horton, Dr. Paul E. Jacobs, Ann M. Livermore, Harish Manwani, Mark D. McLaughlin, Steve Mollenkopf, Clark T. Randt, Jr., Dr. Francisco Ros and Anthony J. "Tony" Vinciquerra.

Qualcomm says all of the current board members have existing knowledge and a better understanding of the semiconductor industry and all of the company’s various projects, but even so, both Broadcom and Silver Lake Partners are reaching out to stockholders and asking them to give the positions to their 11 nominees.

Broadcom approached Qualcomm with an offer to buy the company at the beginning of November, and while this was initially rejected, a report later came out saying that the sale could still go through if Broadcom offered more money. There hasn’t been any development with this since November 20, but this rejection of Broadcom nominees certainly doesn’t do anything to help the relationship between the two businesses.

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December 22, 2017 at 04:28AM