ON Semiconductor President and CEO Keith D. Jackson to Resign in 2021

ON Semiconductor Corporation (NASDAQ: ON ) announced that Keith D. Jackson, President and Chief Executive Officer, intends to retire from ON Semiconductor in May 2021. To ensure an orderly transition, Mr. Jackson will continue in his current position until his retirement and will assist the Board of Directors in finding his successor. In addition, Mr. Jackson will also retire from the Board of Directors as he will no longer serve as President and Chief Executive Officer upon his retirement and is not currently expected to stand for re-election at the Company's 2021 Annual Meeting of Shareholders.

ON Semiconductor's Board of Directors is initiating a comprehensive search to select its next Chief Executive Officer and will engage an executive search firm to conduct the search. The Board will consider both internal and external candidates.

“I have been fortunate to work in the semiconductor industry for more than 40 years, and leading ON Semiconductor has been a highlight of my career,” said Jackson. “It has been a great pleasure working with our exceptional employees and witnessing the expansive growth of the company since 2002. However, I believe now is the right time to begin the transition of leadership of the company as it will allow me to spend more time with my family and my wonderful grandchildren.”

Mr. Jackson joined ON Semiconductor in 2002 as President and Chief Executive Officer and during his tenure, he led significant growth for the Company, including growth in market capitalization from approximately $300 million in 2002 to approximately $8.9 billion in 2020, and growth in revenue from approximately $1.1 billion in 2002 to a Fortune 500 company in 2019 with revenue of approximately $5.5 billion and approximately 35,000 employees worldwide in 2020. Mr. Jackson also led the Company’s extraordinary growth in innovative products through organic development, particularly products for the automotive, industrial and IoT markets, and significant strategic expansion of the Company, including the Company’s acquisitions of AMI Semiconductor, Aptina Imaging, Fairchild Semiconductor International, Inc., and Quantenna Communications, Inc.

"On behalf of the Board, I would like to thank Keith for his significant contributions and impact in advancing ON Semiconductor's position within the semiconductor industry," said Alan Campbell, Chairman of the Board. "The Company has benefited from his leadership, industry expertise and keen vision. We intend to work closely with Keith to ensure a smooth transition and to participate in the next phase of leadership. As the Board searches for the right person to succeed Keith, the Board is confident that Keith and his team will continue to focus on growing the Company's business."