ON Semiconductor Corporation announced that Gregory L. Waters and Bruce E. Kiddoo were appointed to its Board of Directors, effective as of Dec. 17, 2020. Emmanuel T. Hernandez has decided to retire after 18 years on the board.
“Both Greg and Bruce are seasoned executives within the industry and will bring fresh insights to our technology, business and financial priorities as we continue our transformation at ON,” said Alan Campbell, chairman of ON Semiconductor’s Board of Directors. “I would also like to thank Manny for his contributions and service to ON over the years.”
Waters brings more than three decades of management experience in the semiconductor industry to the board. As the former CEO and president of Integrated Device Technology, he led a team through a complex restructuring and into extended growth through product leadership resulting in a successful sale to Renesas. Before this, Waters held executive positions at Skyworks, Agere and Texas Instruments.
Kiddoo brings 25 years of financial and management experience in the semiconductor industry to the board. As the former CFO of Maxim Integrated and VP and acting CFO of Broadcom Corporation, he worked extensively with public company boards of directors to drive transformational business changes, design innovative capital structure programs, and assess large inbound and outbound M&A opportunities.
“These are exciting times for the company and I would like to take the opportunity to welcome Greg and Bruce to the ON Board of Directors. On behalf of the board, I also want to thank and express our appreciation to the Starboard Value team for their thought leadership, support and alignment with some of our recent changes at ON. Moving forward we very much look forward to working with all of our stakeholders in support of the leadership team as they execute the company’s strategic plan,” said Campbell.
Peter Feld, managing member of Starboard Value, said, “We appreciate the collaborative dialogue we have had with the company over the last several months. ON is an outstanding company and I am confident the appointment of these new directors will bring valuable expertise as ON focuses on driving improved growth and profitability. We are particularly excited about the appointment of Hassane El-Khoury as CEO, and believe he is well-positioned to lead ON to becoming a best-in-class semiconductor company. We look forward to continuing to work closely with the board to pursue our common goal of creating shareholder value.”