Freescale looks to former Texas Instruments man to replace CEO

Freescale has appointed former Texas Instruments man Gregg Lowe as the firm’s new CEO, with Lowe responsible for steadying the ship after the firm’s initial public offering last year.

Effective immediately Lowe will be installed as a replacement for the outgoing Rich Beyer, the former CEO and chairman who served at the US semi firm from 2008.

As part of the top level shake up J. Daniel McCranie was handed a role as non executive chairman of the board of directors.

McCranie highlighted Beyer’s leadership through a transformative period of the company’s history, with the former CEO set to stay on the board of directors to ease the incumbent CEO’s transition.

Business has been tricky for Freescale recently and last month Beyer admitting that Freescale had been subject to a slump in the semi industry, as the 12 month anniversary of the firm’s IPO saw its stock drop by almost half.

According to reports stocks fell to an all time low of $8.5 yesterday, from a reported $18 a share at the time of its IPO, as the effects of the economic downturn hurt its industrial and automotive embedded processor business.

This means that the onus is on former TI man Lowe to help revive Freescale’s fortunes, and he will be relying on his experience as senior vice president and manager of the analog business to help turn things around.

Lowe served at TI in a variety of roles since starting in 1984.