Fairchild Semiconductor announced today that Kirk P. Pond, the company’s former CEO and current chairman, would retire from the chairman’s post at the company’s annual stockholders’ meeting on May 3, 2006. Mr. Pond will continue as a member of the company’s board of directors.
The company said that immediately following the stockholders’ meeting the board of directors will select a new chairman who meets New York Stock Exchange requirements of an independent director. Mr. Pond, who led the successful management buyout of Fairchild from National Semiconductor in 1997, retired as President and CEO last year but remained chairman.
“Kirk has been a driving force behind the growth of Fairchild into a world-class company and one of the leading power semiconductor suppliers,” said Charles M. Clough, chairman of the Nominating and Governance Committee of Fairchild’s board of directors. “Pond has helped build a strong foundation for our new CEO, Dr. Mark Thompson, to build upon.”
“I am very supportive of the board’s efforts to transition to the next generation of management as well as electing a new chair in May,” said Pond. “It has been an honor to have been a part of the growth of Fairchild. We have a great company with a rich heritage. Many fine people have contributed to our success and will be critical to our success in the future. It has been my honor to have worked with many of these people for more than 20 years. I look forward to a growing future for the company.”