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Bill Keitel to Retire as Qualcomm Chief Financial Officer, George Davis to Replace

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Bill Keitel to Retire as Qualcomm Chief Financial Officer, George Davis to ReplaceQualcomm Chief Financial Officer, George Davis to Replace" align="left" hspace="10" width="200">

Qualcomm Incorporated (NASDAQ: QCOM) today announced that William (Bill) Keitel has decided to retire as Qualcomm executive vice president and chief financial officer. George S. Davis, currently executive vice president and chief financial officer of Applied Materials, Inc., will replace Mr. Keitel effective March 11, 2013. Keitel will continue as chief financial officer until that time, and will then assist with the transition and serve as special advisor to the CEO for the remainder of the calendar year. Davis will report to Paul Jacobs, chairman and chief executive officer of Qualcomm.

Davis is a seasoned financial executive having served as a chief financial officer for more than six years. During his nearly 13-year tenure with Applied Materials, Davis held several leadership roles including corporate treasurer and head of the Corporate Business Development group, where he was responsible for merger and acquisition activities, strategic planning, and management of the Company's venture investments. In addition to his finance and business development oversight, George also had responsibility for the company's activities in information technology, government affairs and corporate relations.

Davis received his bachelor's degree in economics and political science from Claremont McKenna College and his master of business administration degree from the University of California, Los Angeles. He is also a member of The Wall Street Journal CFO Network, The Conference Board Council of Financial Executives, The Applied Materials Foundation board and was a longstanding member of the board of trustees for the San Jose Repertory Theatre.

"We are pleased to add George to the Qualcomm executive team and I look forward to working closely with him," said Jacobs. "His financial expertise and leadership will be instrumental as we continue to expand our business and strive to deliver strong financial results."

Keitel has served as Qualcomm's chief financial officer for the past 11 years. "Bill's leadership has played a key role in establishing Qualcomm as a company known not only for its leading-edge technology, but also for our superb financial performance and rigorous financial discipline," said Jacobs. "I appreciate Bill giving the Company the time to Engage in an orderly process to identify his successor and for his willingness to help facilitate a smooth transition to George."

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