Qualcomm CEO cuts his pay 25%

Qualcomm CEO Paul Jacobs replaced Irwin Jacobs as company chairman  March 3 and also told shareholders he’d be taking a 25 percent reduction in salary for fiscal 2009.

Qualcomm President Steve Altman is taking the reduction too. The Fortune 500 San Diego company’s senior execs say it’s their way of showing solidarity with the rest of the employees who were asked to take a wage freeze.

The Associated Press reports that Paul Jacobs made $18.6 million last year. His base salary was about $1 million. And the company  reported net income of $341 million in its first fiscal quarter, so it’s doing relatively well despite the economy. So very good news for San Diego.

While the company is not expanding, it is planning “significant” R&D spending.

If you work at Qualcomm, what do you think?

2 Comments so far

  1. Peggy Gartin (thepegisin) on March 14th, 2009 @ 11:42 am

    I work at Qualcomm, so I may be biased, but I thought this was an impressive demonstration of leading by example.

  2. juliewright on March 14th, 2009 @ 1:23 pm

    That was my impression too. Like that Japan Airlines CEO–be the example.

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