ON Semi CEO plans to retire

To ensure an orderly transition, Mr. Jackson will continue to remain in his current roles until his retirement and will assist the Board of Directors in its search for his successor. In addition, Mr. Jackson will also retire as a member of the Board of Directors in connection with his retirement as president and CEO, a press release reads. The company is initiating a comprehensive search to identify the next CEO and will engage an executive search firm to support the search. The board of directors says it will consider both internal and external candidates. “I have had the privilege of working in the semiconductor industry for more than 40 years and leading ON Semiconductor has been the highlight of my career,” says Jackson, in a press release. “It has been a pleasure working with our remarkable employees to witness the expansive growth of the company since 2002. I believe now is the right time, though, to start transitioning the leadership of the company as it will allow me to spend more time with my family and wonderful grandchildren.” Mr. Jackson joined ON Semiconductor as its president and CEO in 2002 and has overseen significant growth of the company during his tenure, including growth in the company’s market capitalisation from approximately USD 300 million in 2002 to approximately USD 8.9 billion in 2020, and in the company’s revenue from approximately USD 1.1 billion in 2002 to Fortune 500 company status with approximately USD 5.5 billion in revenue in 2019 and approximately 35'000 global employees in 2020. “On behalf of the Board, I want to thank Keith for his significant contributions and impact in advancing ON Semiconductor’s position within the semiconductor industry,” says Alan Campbell, Chairman of the Board of Directors. “The company has benefited from his leadership, industry expertise and keen vision and we intend to work closely with Keith to ensure a smooth transition and engage in the next phase of leadership.”