NXP CEO Kurt Sievers to retire this year
NXP Semiconductors has released its first-quarter fiscal 2025 results alongside news of a significant leadership change, with President and CEO Kurt Sievers set to retire by the end of the year.
The company reported Q1 revenue of USD 2.84 billion, aligning with the midpoint of its guidance. Revenue was down 9% compared to the same period last year, reflecting ongoing volatility in global markets.
“NXP'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,” says Kurt Sievers, NXP President and Chief Executive Officer, in a press release. “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.”
GAAP gross margin for the quarter was 55.0%, and GAAP operating margin stood at 25.5%. Looking ahead, NXP expects second-quarter revenue to fall between USD 2.8 billion and USD 3.0 billion.
In tandem with the financial report, NXP announced that Sievers, who has led the company as CEO since May 2020, will retire at the end of 2025 after a 30-year career at NXP.
Rafael Sotomayor will assume the role of President on April 28, 2025. He is slated to succeed Sievers as CEO effective October 28, following a six-month transition period.
“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,“ says Julie Southern, NXP’s Chair of the Board of Directors, in the press release