A recent shakeup in the organizational structure has been announced at Austin, TX firm Freescale Semiconductor Inc., as Rich Beyer, the company’s CEO, plans to step down from his current position and retire once a suitable replacement can be found.
Just how long Beyer will remain in the top slot is as yet unclear, as even the company’s statements say that a search for a new CEO would “likely take some time.” Even Beyer himself expects the process to take at least “a couple of months,” as both internal and external candidates would be considered for the role.
Beyer, however, was quick to reassure employees – and by extension, shareholders – that the company would operate as normal during the search for a new CEO. Beyer said specifically: “I’m not going to let anyone rest on their laurels. If I get lackadaisical, that’s my fault. I’m not going to. I love this company too much. I have too much invested in it.”
The 63-year-old Beyer, who just last month won the 2012 UBM Electronics ACE Award for Executive of the Year, doesn’t intend to just walk away with his retirement, however, making clear to the company that he was prepared to serve in any other capacity the board determined best. Beyer signed on with Freescale (News - Alert) in 2008, intending to lead the company for four to five years, and he seems to be sticking to that goal with this departure.
By all reports, it’s an extremely amicable departure. The stock price for the last year doesn’t show any particularly noteworthy responses, as shares have been trading in the $12-$14 range for the last year, and the spread between 52 week high and low isn’t exactly pronounced. So it does indeed look like Beyer just determined that it was time to go, and is acting accordingly. There’s not much left to do except wish him a happy retirement, and hope that Freescale’s next CEO will perform to at least the same level Beyer appears to have.
It will, however, be interesting to see who steps in to replace Beyer, and if they ultimately go with the internal pick or look to the outside for some fresh blood in their operations.
Edited by Jennifer Russell