- Push-out Score determined
- After almost 19 years in the position
- Accolades, praise and thanks for Jackson
- Search for a successor
- Jackson said 78 words
(exechange) — Phoenix, Arizona, September 4, 2020 — Keith Jackson, chief executive of ON Semiconductor, leaves. As announced by ON Semiconductor Corp. in a news release and in a regulatory filing published on Friday, September 4, 2020, Keith D. Jackson leaves his post as chief executive officer at the semiconductors supplier company after almost 19 years in the role, effective in May 2021.
It is the end of an era.
ON Semiconductor will undertake a search for a successor.
Long goodbye
It is a long goodbye. The announcement of Keith Jackson’s move comes up to nine months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“To spend more time with my family”
Keith Jackson’s departure from the CEO post is explained as follows. Jackson said: “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.”
Precise information regarding Keith Jackson’s future plans was not immediately available.
“Retire”
ON Semiconductor said: “Keith D. Jackson, the Company’s President and Chief Executive Officer, intends to retire from ON Semiconductor in May 2021.”
ON Semiconductor further said: “On August 31, 2020, Keith D. Jackson informed the Board of Directors of ON Semiconductor Corporation (the “Company”) that he intends to retire as the President and Chief Executive Officer of the Company effective as of immediately following the Company’s annual meeting of stockholders to be held in May 2021 (the “2021 Annual Meeting”).”
“Voluntary”
“Mr. Jackson’s decision to retire is voluntary and is not as a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” ON Semiconductor said.
Share price increase since November 2002
The announcement follows an increase in ON Semiconductor Corp.’s share price of 1400% since November 2002.
Chaired by Alan Campbell
Alan Campbell serves as ON Semiconductor Corp.’s Chair of the Board.
Alan Campbell has served as a director of ON Semiconductor Corporation since August 2015 and as Chair of the Board since May 2017.
In the position of CEO since 2002
Keith Jackson became CEO of the Company in 2002.
To ensure an orderly transition, 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, Jackson will also retire as a member of the Board of Directors in connection with his retirement as President and Chief Executive Officer and does not currently anticipate standing for re-election at the Company’s 2021 Annual Meeting of Stockholders.
Keith D. Jackson was elected as a Director of ON Semiconductor Corporation and appointed as President and Chief Executive Officer of ON Semiconductor and Semiconductor Components Industries, LLC in November 2002.
Jackson has more than 30 years of semiconductor industry experience.
Before joining ON Semiconductor, he was with Fairchild from 1998 to 2002, serving as Executive Vice President and General Manager, Analog, Mixed Signal, and Configurable Products Group.
From 1996 to 1998, Jackson served as President and a member of the board of directors of Tritech Microelectronics Ltd. in Singapore.
From 1986 to 1996, he worked for National Semiconductor Corporation as Vice President and General Manager of the Analog and Mixed Signal Division.
Jackson also held various positions at TI, including various engineering and management positions, from 1973 to 1986.
He joined the board of directors of Veeco Instruments Inc. in February 2012 and has served on the board of directors of the Semiconductor Industry Association since 2008, and was elected Chair in November 2019.
In February of 2014, Jackson became a National Association of Corporate Directors Board Leadership Fellow, the highest level of credentialing for corporate directors and corporate governance professionals.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to ON Semiconductor and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2020 ($).