NXP Semiconductors CFO Leaves for Applied Materials

By Cara Lombardo 

The chief financial officer of NXP Semiconductors NV is leaving after three years to serve in the same role at a company that provides manufacturing equipment to the semiconductor industry.

NXP said Monday that Daniel Durn, 50 years old, will leave the company Aug. 6 to become finance chief of Applied Materials. Mr. Durn said in a statement that Applied Materials is "working in the sweet spot of the industry."

Mr. Durn's predecessor at NXP, Peter Kelly, will reassume the CFO post. NXP Chief Executive Rick Clemmer said Mr. Durn helped position the company ahead of its expected acquisition by Qualcomm Inc. That deal, approved by U.S. regulators, is awaiting approval by the European Commission.

Applied Materials said Monday that current CFO Robert Halliday will remain with the company in a business-development role until the end of the year, when he plans to retire.

Applied Materials is larger than NXP, with a market cap of $50.3 billion compared with NXP's $37 billion.

Shares in Applied Materials are up 45% this year, while NXP shares are up 12%. Shares in both companies were little changed in early trading.

(END) Dow Jones Newswires

July 24, 2017 10:27 ET (14:27 GMT)

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