NXP CEO Kurt Sievers will step down.

On April 29th, Dutch automotive electronic chip giant NXP announced that current CEO Kurt Sievers will retire from the company at the end of this year. Current NXP executive Raphael Sotomayor will immediately assume the role of President and will become the new CEO on October 28th. Kurt Sievers has been CEO of NXP since 2020, and the company stated that his departure was "purely a personal decision and not related to any disagreements with the board." According to NXP's latest data, revenue in Q1 of 2025 was $28.4 billion, market expectations were $28.3 billion, down 9% from $31.3 billion in the same quarter last year, with a net profit of $490 million, down 23% from the previous year. The company expects revenue in the second quarter to be between $28 billion and $30 billion, with a value higher than analysts' average estimate of $28.7 billion. Kurt Sievers stated at the financial report meeting that NXP is in a very uncertain operating environment due to the direct and indirect effects of fluctuating tariffs.