Qualcomm (QCOM) announced a major corporate reshuffling this week, in which company CEO Paul E. Jacobs will be transitioning to a new position as executive chairman of the Board of Directors. Current president and COO Steve Mollenkopf will take his place.

Qualcomm’s Board of Directors approved the corporate structure change unanimously last December as a part of the company’s leadership succession plan. In his new role as CEO, Mollenkopf will be tasked with continuing the momentum achieved by Jacobs during his nine-year tenure, while the former CEO will now play a larger part in driving new technology development for Qualcomm.

“I couldn’t be more honored and energized to lead the company through these exciting times,” Mollenkopf said in a statement. “I see numerous opportunities in the coming years for both Qualcomm and the greater industry. Since our founding more than 28 years ago, Qualcomm has been an enabler of the mobile ecosystem and with the support and collaboration of our partners, Qualcomm will continue to push the boundaries of mobile technology.”

According to the press release, Mollenkopf has been instrumental in helping the company to become a leader in mobile technologies, including multimedia chipsets and the proliferation of 3G and 4G modems. Mollenkopf also took a leading role in the company’s $3.1 billion acquisition of Atheros, a developer of wireless chipset semiconductors in 2011.

During his time as CEO, Jacobs has helped Qualcomm to increase its market capitalization and help to make the company into a serious contender in the global wireless arena. Qualcomm credits Jacobs with quadrupling the company’s revenue and leading it to unparalleled success in the mobile communications market.

“Steve and I have worked together for a number of years and I am delighted that he will be Qualcomm’s next CEO,” said Jacobs. “I’m passionate about new technologies and the possibilities that mobile holds in enabling the ways people live, work and play. I look forward to being able to place my focus on bringing more game-changing technologies to fruition.”