NXP's CEO to retire this year, insider Sotomayor to take over
Published by Global Banking and Finance Review
Posted on April 28, 2025
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Global Banking and Finance Review
Posted on April 28, 2025
(Reuters) -NXP Semiconductors NV said on Monday CEO Kurt Sievers would retire by the end of the year, and insider Rafael Sotomayor would succeed him.
Shares of the company fell more than 7% in extended trading following underwhelming forecast and beat.
Sotomayor will take on the role of the president effective Monday, and will become the CEO in October.
NXP forecast second-quarter revenue slightly above Wall Street expectations, while posting quarterly revenue that beat estimates by a small margin.
"We are operating in a very uncertain environment influenced by tariffs with volatile direct and indirect effects," Sievers said in a statement.
NXP provides manufacturers with chips and other technology essential for high-speed digital processing utilized in sectors like automotive, manufacturing, telecommunications and the Internet of Things (IoT).
The Eindhoven, Netherlands-based firm expects second-quarter revenue in the range of $2.8 billion to $3 billion, with a midpoint that is above analysts' average estimate of $2.87 billion, according to data compiled by LSEG.
For the first quarter ended March 30, NXP posted revenue of $2.84 billion, compared to an estimate of $2.83 billion.
Revenue from its communication and infrastructure segment fell 21% to $315 million in the quarter.
Its chips are also used by firms in the industrial and mobile phone industries. Industrial and IoT revenue fell 11%, while the automotive segment fell 7%.
NXP, which is the biggest maker of computer chips for cars, said in February it would acquire AI firm Kinara in an all-cash deal valued at $307 million.
(Reporting by Juby Babu in Mexico City; Editing by Tasim Zahid and Sriraj Kalluvila)