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ON Semiconductor Names Ex-Cypress Veteran El-Khoury as CEO

ON Semiconductor named Hassane El-Khoury president and CEO, succeeding Keith Jackson. El-Khoury was formerly CEO at Cypress Semi.

ON Semiconductor (ON) - Get ON Semiconductor Corporation Report appointed Hassane El-Khoury as president, chief executive and a director, succeeding Keith Jackson, who will retire.

At last check, shares of ON Semiconductor were trading up 4.6% at $31.98. The stock on Tuesday touched a 52-week high $32.60, quadruple the 52-week low above $8 set in mid-March.

The Phoenix company specializes in semiconductor-based solutions to reduce global energy use.

El-Khoury served in the same posts at Cypress Semiconductor until it was sold to Infineon IFNNY in April, the company said in a statement.

During 13 years at Cypress, he held posts in business unit management, product development, applications engineering, and business development.

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ON Chairman Alan Campbell said the company was seeking a CEO "who understands the transformation underway within our industry" and would "expand our leadership position in target secular growth markets [and] accelerate revenue, gross margin, and earnings growth."

An immigrant to the U.S. from Lebanon, El-Khoury holds a master’s in engineering management from Oakland University in Rochester, Mich. He also made the 2018 list of Silicon Valley Business Journal's 40 under 40.

El-Khoury said in a statement that he aimed "to build on the company’s foundation to provide superior systems solutions spanning the automotive, industrial, cloud power and internet-of-things markets while enhancing financial performance.” 

Jackson had said in September that he'd retire. He will continue to serve as an adviser to the company through May. Jackson worked at ON Semiconductor for two decades. 

In October, the company reported third-quarter net income of $160.6 million, or 38 cents a share, more than double the $60.7 million, or 15 cents, of the year-earlier quarter.