Kurt Sievers will retire as President and CEO of NXP Semiconductors at the end of 2025.
He will be replaced by Rafael Sotomayor (pictured) who steps up from his role as President of NXP’s Secure Connected Edge business unit.
Sievers and Sotomayor will work closely to orchestrate a smooth leadership transition until 28th October, 2025, when Sotomayor will assume the role of President and Chief Executive Officer.
“Rafael has been an integral part of creating and shaping NXP’s strategy and enabling the company’s success. We are confident he is ideally suited to assume the role of President and CEO at NXP, and to execute the company’s vision for leadership in the intelligent systems at the Edge within the Automotive and Industrial & IoT end markets,” said Julie Southern, NXP’s Chair of the Board of Directors.
NXP emphasised that Sievers’ departure is a purely personal decision and is not related to any disagreement with the Board of Directors, or any issues relating to the strategic or financial performance of the company.
NXP Semiconductors first quarter delivered quarterly revenue of $2.84 billion, down 9% year on year, in-line with the midpoint of guidance.
The company’s first-quarter results and guidance for the second quarter underpin a cautious optimism that NXP continues to effectively navigate through a challenging set of market conditions.
“We are operating in a very uncertain environment influenced by tariffs with volatile direct and indirect effects. Considering these external factors, we are redoubling our efforts to manage what is in our direct control, enabling NXP to drive solid profitability and earnings,” said Kurt Sievers.
