ON Semiconductor announced that Keith D. Jackson, the Company’s President and Chief Executive Officer, intends to retire from ON Semiconductor in May 2021. To ensure an orderly transition, Mr. Jackson will continue to remain in his current roles until his retirement and will assist the Board of Directors in its search for his successor.

“I have had the privilege of working in the semiconductor industry for more than 40 years, and leading ON Semiconductor has been the highlight of my career,” said Jackson in a prepared statement.

“It has been a pleasure working with our remarkable employees to witness the expansive growth of the company since 2002," he added. "I believe now is the right time, though, to start transitioning the leadership of the company, as it will allow me to spend more time with my family and wonderful grandchildren.”

Jackson joined the company as president and CEO in 2002 and has overseen significant growth. During his tenure, the company's stock-market value has climbed from roughly $300 million in 2002 to $9 billion today, with revenue rising from $1.1 billion in 2002 to $5.5 billion in 2019.

The company in recent years has transitioned into supplying more products for automotive and industrial users and the Internet-of-Things market. Jackson also oversaw acquisitions of AMI Semiconductor, Aptina Imaging, Fairchild Semiconductor International and Quantenna Communications. 

Jackson joined ON from Fairchild, where he had served as executive vice president and general manager.