ON Semiconductor (ON) Announces Retirement of Chairman McCranie
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ON Semiconductor Corporation (Nasdaq: ON) announced that chairman J. Daniel McCranie has informed the company of his decision to retire from the Board of Directors and not stand for re-election at the annual meeting of the company’s stockholders in 2017. Mr. McCranie has served as a director since November 2001 and as chairman since August 2002. Mr. McCranie will continue to serve as chairman of the Board of Directors, chairman of the Executive Committee of the Board of Directors, a member of the Corporate Governance and Nominating Committee, and a member of the Science and Technology Committee until the election of directors at the 2017 Annual Meeting.
“For the past 15 years as Board chair at ON Semiconductor, I’ve had the great pleasure of working with both an extraordinary management team as well as an exceptionally talented, collegial and hard working group of men and women serving on the ON Semiconductor Board. Through their combined efforts, our company has transitioned from a relatively small and narrow semiconductor supplier to a large, diverse global leader in discrete power management, as well as a broad-based supplier of analog and power semiconductors. Keith Jackson and his team have accomplished this through a series of well executed acquisitions, coupled with a continuous focus on our superior corporate competencies surrounding quality, customer support and, of course, strong cost control. The recent acquisition of Fairchild will drive our revenue and earnings growth to even higher levels, and I am both proud and honored to have been a small part of this effort. As I will continue to serve as chairman until my retirement, I remain committed to support management in building even more shareholder value as the company integrates Fairchild Semiconductor into the fabric of the company,” said Mr. McCranie.
“Dan has been an exceptional leader for ON Semiconductor through periods of opportunity and times of challenge,” said Teresa M. Ressel, chair of the Corporate Governance and Nominating Committee. “His extensive experience in the semiconductor industry, along with his deep board and leadership experience, is truly appreciated by all of our directors. The Board of Directors will announce succession plans for the Chairman role prior to the company’s 2017 annual meeting.”
“For the company, I extend our sincere thanks to Dan for his long service, dedication and leadership,” said Keith Jackson, president and chief executive officer. “Dan’s oversight, advice and guidance have been and will continue to be essential to our strategic planning. ON Semiconductor Corporation reaps great benefits from his vast and unique knowledge of our industry. I enjoy working with Dan both professionally and personally, and I wish him and his family the very best after his retirement at the 2017 annual stockholders meeting.”
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