Qualcomm founder Irwin Jacobs to retire

December 20, 2011 4:42 PM EST

Chipmaker Qualcomm Inc said founder Irwin Jacobs will retire from the board at the 2012 annual stockholder meeting.

Jacobs served as chief executive until Qualcomm's 20th anniversary on June 30, 2005 and as chairman until March 2009.

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Shares of the San Diego-based company closed at $54.18 on Nasdaq on Tuesday.

(Reporting by Soham Chatterjee in Bangalore; Editing by Don Sebastian)

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