NXP Announces Executive Management Transition

NXP Semiconductors N.V. announced that effective Dec. 7, 2015, Dan Durn will become EVP and CFO of NXP. Peter Kelly, NXP’s current CFO, expressed a desire to retire in 2017 and the appointment of Durn is part of the succession plan for the company. Kelly will continue to report to Rick Clemmer, NXP’s CEO, and will continue to be a key member of the NXP Management Team. In his new role, Kelly will focus on strategy and M&A, as well as ensuring a successful integration with Freescale.
 
“The potential of the merger was a key factor in attracting Dan to join NXP,” said Clemmer. “The retention of Dan from Freescale gives us a world class semiconductor CFO while allowing us a suitable transition period. I am very pleased that Peter is staying with the company to help Dan with the transition and ensure we will not miss a beat in our ambitions.”
 
Before joining NXP, Durn was SVP and CFO of Freescale Semiconductor. Prior to Freescale, he served as CFO and EVP of finance and administration at Globalfoundries, the industry’s second largest semiconductor foundry. Prior to Globalfoundries, Durn was head of M&A and strategy at Advanced Technology Investment Company (ATIC), a $15 billion private equity company. He also served as vice president in investment banking at Goldman, Sachs & Company and was a member of their merger leadership group.
 
“The NXP Freescale combination will bring together two great companies whose best days lie ahead,” said Durn. “We become an automotive and MCU powerhouse with the scale to deliver significant earnings power.”