Qualcomm discussing Jacobs leaving board of directors: sources

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(Reuters) – Qualcomm Inc’s (QCOM.O) board of directors was meeting on Friday to discuss former chairman Paul Jacobs leaving its board after he informed the U.S. semiconductor company he was exploring ways to acquire it, people familiar with the matter said on Friday.

FILE PHOTO: Paul Jacobs, Executive Chairman of Qualcomm attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 20, 2017. REUTERS/Ruben Sprich/File Photo

The deliberations come just a few days after an order by U.S. President Donald Trump blocked a $117 billion hostile bid from Singapore-based rival Broadcom Ltd (AVGO.O) to acquire Qualcomm, due to national security concerns.

While Jacobs supported Qualcomm’s resistance to Broadcom’s bid, he increasingly clashed with other members of the San Diego-based company’s board, including Chief Executive Steve Mollenkopf, over how Qualcomm defended itself, the sources said.

Jacobs’ attempt this week to put together an offer to acquire Qualcomm by reaching out to investment firms including SoftBank Group Corp’s (9984.T) Vision Fund was a result of his disaffection, the sources added.

Jacobs is likely to step down from Qualcomm’s board, the sources said. His name would then be removed from Qualcomm’s slate of board director nominees at Qualcomm’s shareholder meeting next week.

The sources asked not to be identified because the deliberations are confidential. Qualcomm did not respond to a request for comment.

Reporting by Greg Roumeliotis in New Orleans; Editing by Bill Rigby