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(Pocket-lint) - Qualcomm has announced that Steve Mollenkopf, the company's former chief operating officer, has been promoted to CEO. He will also continue to serve as the firm's president, while former CEO Paul Jacobs will become executive chairman.

Normally, that wouldn't necessarily be the biggest news on the planet - other than for the financial sector and technology analysts - but seeing as the announcement comes a day after Mollenkopf was tipped for the CEO's chair at Microsoft, it's higher up on everybody's radar.

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"Qualcomm's board of directors is responsible for ensuring the continuity of the company's senior leadership and that the executive team possesses the experience, skills and character required to achieve the company's goals," said Sherry Lansing, presiding director of the Qualcomm board.

"With today's announcement, we enable a smooth transition to a proven executive in Steve Mollenkopf, while providing for ongoing executive guidance and board-level leadership from Paul Jacobs. Qualcomm's board of directors unanimously approved the appointment of Steve Mollenkopf to the board of directors and his transition to CEO.

"We have the highest degree of confidence that his leadership will further expand Qualcomm's impressive record of innovation and continued stockholder value creation."

It will also ensure that a major rival company will not just be trading one Steve for another. Unless it's Stephen Elop, of course. Or Steve, the white van driver who delivers some of the review samples to Pocket-lint Towers.

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Writing by Rik Henderson.