Dr. Irwin Jacobs, like any good dad has handed his son keys to the kingdom. A very secure kingdom, if you have read my story on Qualcomm in the latest issue of Business 2.0, then you know its a very secure kingdom. Qualcomm has named Paul Jacobs as the next CEO of the company. In addition, the CDMA/3G giant says that President and Chief Operating Officer Tony Thornley will retire and Steven Altman, who is currently executive vice president and president of Qualcomm Technology Licensing will take over the mantle. Jacobs, 42, is the executive vice president and president of Qualcomm’s Wireless and Internet Group. Investors describe Jacobs as “pragmatically aggressive.” But still he will have big shoes to fill, for his dad is an industry legend, and a smart tactician who always got what he wanted. In addition, the company upped its earnings forecast, but trimmed the revenue forecast by a sliver. In a FAQ published on their site, Qualcomm gives the reasons for this succession plan.

Irwin will remain active and engaged as chairman and that will continue for the foreseeable future .. Yes, Paul will be named a member of QUALCOMM’s Board of Directors, effective July 1.