After promotion, new Qualcomm CEO out of the Microsoft top-spot race

New Qualcomm chief executive Steve Mollenkopf will take the reins on March 4 after his elevation to the chipmaker's leadership position.

New Qualcomm chief executive Steve Mollenkopf Image: Qualcomm

Qualcomm has named Steve Mollenkopf as its new chief executive, the company announced Friday.

Mollenkopf, currently the chief operating officer, will replace Paul Jacobs, who remains the company's executive chairman, on March 4, 2014 when shareholders can approve the deal.

It comes just a day after the latest rumors that Mollenkopf could be a contender in the running to replace outgoing Microsoft chief executive Steve Ballmer, who announced earlier this year he would retire.

But considering the move, it's highly unlikely Mollenkopf will make the shift towards Redmond as Microsoft's new chief.

Others who have been named in the rumor mill to replace Ballmer include former Microsoft platform chief Paul Maritz , and Ford chief executive  Alan Mulally .

Qualcomm is the world's largest mobile chipset supplier and describes itself as the leader in LTE technology. As chief operating officer, Mollenkopf will have intimate details of the company and its various businesses.

In prepared comments, he said: "Qualcomm’s focus on execution in product and technology development has helped to establish us as a leader in wireless with our partners." He added: "I look forward to working with our executive team and our employees in driving growth for our Company and the entire mobile ecosystem as it transitions to 4G and beyond."