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NXP Semiconductors (formerly Philips Semiconductors) has announced its plans to appoint four senior executives to the Board of Management of its holding company NXP b.v., effective with the expected closing date of the private equity sponsored spinout from Royal Philips.
Formed under Dutch corporation law, NXP b.v. will be managed by the Board of Management, which has overall responsibility for the management of NXP, the deployment of strategy and policies, and the achievement of objectives and results. The Board interfaces with the Supervisory Board and Shareholders and assures good corporate governance and legal compliance, business principles, policies and controls. 116.30.145.87 This article is copyright 2006 UsingRFID.com.
Proposed board members
The proposed members of the board bring a wealth of management experience and expertise to the table. They include four executives:
Mr. Frans van Houten, President, CEO and Chairman of the Board of Management;
Mr. Peter van Bommel, Executive Vice President and CFO;
Mr. Theo Claasen, Executive Vice President;
Mr. Hein van der Zeeuw, Executive Vice President.
Mr Guido Dierick, NXP''s legal counsel, will serve as Secretary to the Board of Management.
Confidence
"I''m very pleased with the proposed Board of Management. These colleagues play a critical role in the transformation and future performance of the corporation, and I have great confidence in our ability to manage NXP going forward," said Frans van Houten. "We look forward to working together as a team to meet the long-term strategic growth and profitability goals we''ve set for the company."
The formation of the Board of management will have no effect on the composition and continued role of the wider Executive Management Team of NXP Semiconductors, which continues to run the day-to-day affairs of the company. The members of the Board of Management are also members of the Executive Management Team.
The Supervisory Board and full governance structure will be announced with the closing of the agreement.
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