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What: Shares of Freescale Semiconductor (NYSE: FSL ) have popped today by as much as 14%, as the company has named a new CEO.
So what: Gregg Lowe is taking the lead, coming from Texas Instruments (Nasdaq: TXN ) , where he was senior vice president of the analog business. The outgoing CEO, Rich Beyer, will remain on the board to make sure the transition goes smoothly.
Now what: Beyer said in April that he was stepping down and retiring once a replacement was found, so the search took less than two months. Lowe joins Freescale with nearly three decades of industry experience, having joined TI in 1984 and occupying various positions throughout the years. TI is also seeing some gains today, and it has quickly filled Lowe's position with Brian Crutcher, a 17-year TI vet. Lowe is credited with helping lead TI's analog business well in recent times, and investors are clearly excited to have him at the helm of Freescale.
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