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Qualcomm Chip Unit Co-President Murthy Renduchintala to Leave Company

Qualcomm has seen significant pressure on its chip business and is looking to cut $1.4 billion in costs.

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Qualcomm said Thursday that Murthy Renduchintala, the co-president of its chip business, is leaving the company as Cristiano Amon, the unit’s other co-head, has been promoted to be sole president of the unit.

Qualcomm

In a statement, CEO Steve Mollenkopf noted that Amon, who has been at the company since 1995, is “the right person to lead QCT for a new era of expansion in our semiconductor business.”

Qualcomm has been in the midst of a major cost-cutting initiative and seen significant pressure on its chip business at the same time the licensing side of its business has been in disputes with companies in China.

In July, Qualcomm announced plans to cut 15 percent of its workforce in an effort to trim $1.4 billion in annual costs.

It has also sold its Vuforia augmented reality unit and drastically scaled back its display business.

This article originally appeared on Recode.net.