NXP Semiconductors announced Monday that Kurt Sievers, President and Chief Executive Officer, will retire at the end of 2025 after a 30-year career at the company.

Sievers, who has led NXP since May 2020, informed the Board of Directors of his decision, which the company said is a personal choice unrelated to strategic or financial matters.

The Board has unanimously approved Rafael Sotomayor (pictured), a senior executive at NXP, as Sievers' successor. Sotomayor assumed the role of President and will work alongside Sievers during a transition period until becoming CEO on October 28. "Rafael has been an integral part of creating and shaping NXP's strategy," said Board Chair Julie Southern.