NXP Names New CEO to Succeed Richard Clemmer

NXP’s president, Kurt Sievers, will take over the reins of the Netherlands-based chipmaker.
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Dutch chipmaker NXP  (NXPI) - Get Report announced Thursday after the close that it had nominated its president, Kurt Sievers, to succeed Richard Clemmer as CEO. Clemmer had served as CEO of NXP since 2009 and the company said he will remain a strategic advisor to the company.

Sievers’ appointment as CEO will be proposed at NXP’s annual shareholder meeting on May 27.

Shares of NXP were down 0.3% to $114.90 in after-hours trading on Thursday.

“After a distinguished career establishing NXP as the world leader in automotive semiconductor solutions, Kurt is the ideal candidate to become NXP’s next Chief Executive Officer,” said Sir Peter Bonfield, NXP’s Chairman, in a press release. “The Board and I believe Kurt has all of the requisite skills to lead NXP, and to drive the strategy that Rick, Kurt and the management team have developed over the past years.”

Sievers has served as NXP’s president since Sept. 2018 and has worked at the company since 1995. He's been a member of the executive management team since 2009. Sievers was important in the 2015 merger of NXP and Freescale Semiconductors, according to the company.

“The opportunity that lies ahead for NXP is significant, and the ability to lead the organization into its next chapter is deeply humbling and incredibly exciting,” said Sievers in the press release.