Freescale, Motorola's (MOT) pending chip spinoff, is losing an executive.

Chief strategist Ray Burgess, who was passed over for the company's top spot last month, is leaving the company, according to a Dow Jones report Thursday. The move comes after former IBM executive Michel Mayer was appointed Chairman and CEO of the Austin-based semiconductor maker in May

Burgess was the head of strategy, marketing and communications for Freescale, and was with the chip unit prior Motorola's decision to carve it out via an IPO.

Both Motorola and Freescale representatives declined to comment.

Burgess had told some people on Wall Street that he aspired to the top job, so it came as a limited surprise that he would seek other opportunities.

The executive undoubtedly walks away from some valuable stock options.

In a regulatory filing Monday, the Austin, Texas-based chipmaker said it will issue 121.6 million shares priced around $18.50. Freescale plans to list on the

New York Stock Exchange

under the ticker "FSL."