NXP has announced that CEO Kurt Sievers will retire later this year as the firm is currently “operating in a very uncertain environment influenced by tariffs with volatile direct and indirect effects.” Insider Rafael Sotomayor has been appointed to succeed Sievers as president, effective 28 April, and as CEO, effective 28 October. The unexpected departure of Sievers “is a purely personal decision,” according to a statement.
Sotomayor, who holds a master’s degree in electrical engineering and an MBA, has 30 years of semiconductor industry experience. He joined NXP in 2014, holding a number of business line general manager roles across the company’s Mobile, Industrial and IoT segments. Prior to joining NXP in 2014, he was vice president of marketing at Broadcom in the wireless connectivity business. Before that, he was at Motorola and Intel.
NXP reported first-quarter results in line with guidance. Revenue came in at 2.84 billion euros, down 9 percent both YoY and QoQ. The Eindhoven-based chipmaker expects Q2 revenue to be flat or slightly up. “Our guidance for the second quarter underpins a cautious optimism that NXP continues to effectively navigate through a challenging set of market conditions,” says Sievers.
