The move will be effective on December 7.
Prior to joining NXP, Durn was senior VP and CFO of Freescale Semiconductor (FSL), which NXP agreed to buy earlier this year in a deal valued at $40 billion.
Durn succeeds the company's current CFO Peter Kelly, who will shift his focus to strategy and mergers and acquisitions before retiring during 2017.
NXP is a semiconductor company based in the Netherlands.
Separately, TheStreet Ratings team rates NXP SEMICONDUCTORS NV as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate NXP SEMICONDUCTORS NV (NXPI) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- The revenue growth came in higher than the industry average of 11.0%. Since the same quarter one year prior, revenues slightly increased by 0.5%. Growth in the company's revenue appears to have helped boost the earnings per share.
- NXP SEMICONDUCTORS NV reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, NXP SEMICONDUCTORS NV increased its bottom line by earning $2.17 versus $1.34 in the prior year. This year, the market expects an improvement in earnings ($5.43 versus $2.17).
- The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Semiconductors & Semiconductor Equipment industry. The net income increased by 198.3% when compared to the same quarter one year prior, rising from $121.00 million to $361.00 million.
- The gross profit margin for NXP SEMICONDUCTORS NV is rather high; currently it is at 54.99%. It has increased from the same quarter the previous year. Along with this, the net profit margin of 23.71% is above that of the industry average.
- Looking at where the stock is today compared to one year ago, we find that it is not only higher, but it has also clearly outperformed the rise in the S&P 500 over the same period. Although other factors naturally played a role, the company's strong earnings growth was key. Looking ahead, the stock's rise over the last year has already helped drive it to a level which is relatively expensive compared to the rest of its industry. We feel, however, that the other strengths this company displays justify these higher price levels.
- You can view the full analysis from the report here: NXPI
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.