April 29, 2025 – Dutch semiconductor giant NXP Semiconductors revealed in its first-quarter earnings announcement yesterday (local time) that its Chief Executive Officer and then-President Kurt Sievers intends to retire from the company by the end of this year.
The decision, which was unanimously endorsed by NXP’s board of directors, has already seen Sievers step down from his role as president. Rafael Sotomayor, the former Executive Vice President, has taken over as president and is slated to assume the CEO position on October 28, six months from now. NXP stated in its announcement that Sievers’ departure was a personal choice.
In terms of financial performance, NXP reported revenue of 2.835billionforthefirstquarterof2025,markinga92.9 billion, representing a projected year-over-year decrease of around 7%.
