Benzinga | Jan 28, 2021 11:38AM EST

On Semiconductor Hires Former Cypress Semiconductor Exec As Finance Chief

* ON Semiconductor Corp (NASDAQ: ON) has hired Thad Trent as executive vice president and chief financial officer (CFO) effective February 16, 2021.

* Trent will replace Bernard Gutmann, who will retire as the CFO after serving in various positions in the company since September 1999.

* Trent is a finance veteran of the tech industry, most recently serving as CFO of rival Cypress Semiconductor, which was acquired by Infineon Technologies (OTC:IFNNY) in April 2020.

* Gutmann will remain an advisor until April 2021, enabling a smooth transition.

* ON's current CEO Hassane El-Khoury, who joined the company on December 7, 2020, was also a former Cypress Semiconductor executive serving as President and CEO until its sale to Infineon in April 2020.

* Price action: ON shares are higher by 3.14% at $35.17 on the last check Thursday.