Adeia Inc. (NASDAQ: ADEA) announced that Chief Executive Officer Paul Davis will step down from his position and board membership by the fourth quarter of 2026, citing health and personal reasons.

Davis, who has served as CEO for four years and worked at the company for nearly 15 years including predecessor companies, will remain in his role until a successor is named. The company's board of directors has initiated a search process led by a special transition committee chaired by board chairman Dan Moloney.

During Davis's tenure as CEO, Adeia grew its patent portfolio by more than 35% and increased non-Pay-TV recurring revenue by over 60%. The company secured licensing agreements with Amazon, AMD, Disney, Kioxia, Microsoft and Sandisk. Adeia also reduced outstanding debt by nearly 50% and delivered record revenue and earnings in 2025.

Davis joined the company's predecessor, Tessera Technologies, in 2011 as associate general counsel and was promoted to general counsel within two years. He later served as chief legal officer before being appointed president and CEO in May 2022, following the company's separation from Xperi in October 2022.

"My decision to step down was not an easy one," Davis stated in the announcement. "After much consideration and consultation with my family I have made the difficult decision to prioritize my health and personal pursuits."

The board will consider both internal and external candidates for the CEO position, with assistance from a nationally recognized search firm. The company operates in the media and semiconductor industries, developing intellectual property and licensing technologies.