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By Will Feuer
Shares of Globalstar jumped after the satellite company named former Qualcomm boss Paul Jacobs as its chief executive.
The stock climbed 21% to $1.28 in morning trading. So far this year, shares are still down about 2%.
Earlier Tuesday, Louisiana-based Globalstar named Jacobs CEO of the company and struck a tech-licensing deal with Jacobs’ startup, Xcom Labs. Jacobs said his startup has developed technology that boosts the capacity of wireless spectrum, a major expense for network operators.
Globalstar also named Matt Grob, the former chief technology officer of Qualcomm, as its own CTO. Some other executives from Xcom also are joining Globalstar, which powers Apple’s emergency-texting system.
Write to Will Feuer at [email protected]
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