Apple Inc (NASDAQ:AAPL) has named Katherine Adams as its new general counsel and senior vice president of Legal and Global Security. She will replace Bruce Sewell who retires this year end.
As Apple’s legal chief, Adams will now spearhead the much publicized spat with chipmaker QUALCOMM Inc (NASDAQ:QCOM) . Sewell handled litigation with both Samsung (KS:005930) and Qualcomm since he took over as the legal chief in 2009.
The Apple-Qualcomm dispute started in January this year when Qualcomm was dragged to court by Apple in a $1 billion lawsuit related to licensing royalty payments. In the suit filed, Apple had accused Qualcomm of overcharging for chips and refusing to pay some $1 billion in rebates.
Later on, Apple also asked its manufacturing partners – Foxconn, Pegatron, Wistron and Compal Electronics – to stop paying Qualcomm and agreed to indemnify them if Qualcomm took them to court. Qualcomm has also launched a full-fledged counter offensive.
The dispute is unlikely to end in the near term. The next hearing in the case is expected to be next year.
Prior to her Apple appointment, Adams was with Honeywell International Inc (NYSE:HON) where she joined in 2003.Before that she was associated with a partner at Sidley Austin LLP in New York. She was quoted saying, “Apple has had a tremendous impact on the world and it’s an honor to join their team. I’m excited to help Apple continue to grow and evolve around the world, protecting their ideas and IP, and defending our shared values.”
Adams will report to CEO Tim Cook who was quoted saying, “We are thrilled to welcome Kate to our team. She’s a seasoned leader with outstanding judgment and that has worked on a wide variety of legal cases globally. Throughout her career she’s also been an advocate on many of the values we at Apple hold dear.”
Zacks Rank and Share Price Movement
At present, Apple carries a Zacks Rank #3 (Hold). Notably, the company has outperformed the industry in the past year. Shares of Apple have surged 34.1% compared with the industry’s 33.4% increase.
Stocks to Consider
Top-ranked stocks in the broader technology sector include NVIDIA Corporation (NASDAQ:NVDA) and Jabil Inc (NYSE:JBL) . Both sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for NVIDIA and Jabil is currently projected to be 10.3% and 12%, respectively.
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QUALCOMM Incorporated (QCOM): Free Stock Analysis Report
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