Qualcomm Inc. said late Friday it withdrawing its re-nomination of Paul Jacobs, after he stepped down as chairman and signaled an intent to take the company private. The chipmaker said it will shave its board to 10 seats and that Jacobs will not be re-nominated “following his notification to the Board that he has decided to explore the possibility of making a proposal to acquire Qualcomm.” Jacobs stepped down as chairman last week. Qualcomm said it will hold its annual shareholder meeting on March 23. The company’s originally scheduled March 6 meeting was delayed following a national security probe, and later blocking by President Donald Trump, of Broadcom Ltd.’s hostile takeover of Qualcomm, which Broadcom eventually dropped.
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