Deutsche Bank’s managing director of equity research Brian Modoff has been recruited by Qualcomm to oversee the chipmaker’s strategy, M&A, and its venture investment portfolio.
Deutsche Bank’s managing director of equity research Brian Modoff has been recruited by Qualcomm (NASDAQ:QCOM) to oversee the chipmaker’s strategy, M&A, and its venture investment portfolio.
As executive vice president of strategy, M&A and ventures, Modoff will report directly to Qualcomm CEO Steve Mollenkopf.
Modoff’s brief for the newly-created role is to “help define Qualcomm’s strategic direction and long-term vision and to ensure strong cohesion and alignment with all strategic planning efforts throughout the organisation”, according to a company statement.
Commenting on the hire, Mollenkopf said: “[Modoff] brings to the role a unique combination of industry experience and a deep understanding of Qualcomm that will help drive the Company’s strategy and position Qualcomm for continued success moving forward.”
Modoff has worked on Wall Street for 20 years and advised on IPOs, M&A and venture capital funding, and before that worked at industrial Rockwell and served in the US Navy.
Qualcomm manufactures a variety of telecoms technology, most notably semiconductors.
The company, which has a market capitalisation of US$94.1bn, has also diversified into areas such as spectrum.
Earlier this year it sold its 40 MHz of L-band spectrum in the UK to Vodafone and Three in two separate transactions worth a combined £200m (US$312m) – a huge profit on the £8.3m (US$13m) Qualcomm paid for the 15-year 1452 – 1492 MHz licence in 2008.
The European Union and Ofcom mandated the spectrum for SDL services in May, having worked with Qualcomm in recent years to create a new standard. The US group invested in R&D to design chips suitable to work with the band, although no handsets are compatible with the airwaves yet.