ON Semiconductor CEO Announces Retirement
The president and CEO of one of the U.S.’s most prominent semiconductor manufacturers announced he’s stepping down to retire in May 2021.
Keith Jackson, who has been CEO of Phoenix-based power giant ON Semiconductor since 2002, is retiring from his post next May. In the meantime, Jackson will help the company’s board of directors choose a successor.
In the announcement, ON Semiconductor stated that it will use an executive search firm to fill the CEO position and that the board will consider both internal and external candidates. At retirement, Jackson will step down from the company’s board of directors.
Keith Jackson, president and CEO of ON Semiconductor. (Photo via LinkedIn)
Before joining ON Semiconductor, Jackson served as executive vice president and general manager at Fairchild Semiconductor from 1998 to 2002. He’s presently a member of the board of directors of New York-based semiconductor process equipment supplier Veeco since 2012.
In its announcement, ON Semiconductor described Jackson’s 18-year tenure as a period of significant growth, bringing the company’s market capitalization from around $300 million in 2002 to nearly $9 billion in 2020. Revenue increased from $1.1 billion in 2002 to $5.5 billion in 2019. The company now employs around 35,000 people worldwide.
The news release added that Jackson has led the development of ON Semi’s strategic expansions, citing the acquisitions of AMI Semiconductor in 2008, Aptina Imaging in 2014 for $400 million, Fairchild Semiconductor International in 2016 for $2.4 billion and Quantenna Communications in 2019 for $1.07 billion. He also directed the expansion of the company’s automotive, industrial and IoT (Internet of Things) segments.
Jackson said in the announcement that his position at ON Semiconductor is the highlight of his 40-year career in the semiconductor industry. “It has been a pleasure working with our remarkable employees to witness the expansive growth of the company since 2002,” he added. “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.”
Recently, ON Semiconductor has focused on optimizing its manufacturing operations to scale its power, analog and sensor product segments. The company’s most recent second-quarter 2020 earnings results showed a 10% drop from the same period last year. ON Semi reported $1.2 billion in revenue, down 5% from the first quarter of 2020. To reach its gross margin targets, the company has upped its wafer production capacity at its East Fishkill, New York manufacturing facility.