NXP's CEO to retire this year, insider Sotomayor to take over

Published: 2025-04-28 16:51:58 ET NXPI

(Reuters) -NXP Semiconductors NV said on Monday that its CEO Kurt Sievers will retire by the end of the year, and Rafael Sotomayor, currently a Vice President at the chipmaker, will succeed him.

Shares of the Eindhoven, Netherlands-based company fell nearly 7% in extended trading.

Sotomayor will take on the role of the president effective Monday and will assume the role of chief executive in October.

(Reporting by Juby Babu in Mexico City; Editing by Tasim Zahid)