Freescale Semiconductor Holdings I, Ltd has announced that its Board of Directors has launched a formal process to identify a successor to Chairman and CEO Rich Beyer, who has informed the Board of his decision to retire as CEO upon the appointment of a new CEO. The Board of Directors has engaged an executive recruitment firm and will consider both external and internal candidates. Beyer, 63, will continue in his role as chairman and CEO until a successor is named and seated. Mr. Beyer joined Freescale in March 2008 and has led the transformation of the company during the past four years which culminated in an initial public offering in May 2011. "Under Rich's leadership, the company has strengthened its strategic focus, developed a strong leadership team, improved its market leadership positions and returned to market share growth," said Claudius 'Bud' Watts, the company's lead director. "We are pleased with the remarkable progress Rich and the Freescale team have made during the past four years." "I am enormously proud of the accomplishments that the Freescale management and employees have achieved in revitalizing the company," said Beyer. "Freescale has emerged as a strong, vibrant, competitive and successful company, and I am confident it will continue on a successful path in the future." "We respect Rich's desire to retire and appreciate his commitment to an orderly transition of the CEO role," said Watts. "We will work closely with Rich as we conduct the search and execute the transition, and we are confident that Rich and the leadership team will remain focused on Freescale's success throughout this process." www.freescale.com
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