Covington, La.-based satellite operator Globalstar Inc. has hired Silicon Valley rock star Paul Jacobs, who built chip company Qualcomm into a leading global smartphone supplier, to become its next chief executive.
After leaving Qualcomm in 2018, he founded wireless spectrum startup Xcom Labs. Jacobs will succeed David Kagan, who is retiring.
The appointment of Jacobs as CEO/chairman comes less than a year after Globalstar forged an agreement with Apple to serve as the satellite operator for the tech giant's new emergency SOS service.
Bringing in an industry veteran should help solidify that Apple partnership, making Jacobs a key hire at a crucial time for the company, market watchers said.
"The Apple deal was a really big deal in terms of their credibility and set Globalstar up to move to the next level," said Tulane University business professor Peter Ricchiuti, who tracks Louisiana's publicly traded companies.
"It's a game changer."
Investors cheered the move, sending Globalstar shares up 24% on Tuesday. (NOLA.com 08/39/30)
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