HP Inc. announced the appointment of technology industry leader Richard Clemmer to its Board of Directors.
Clemmer is currently CEO and Executive Director of NXP Semiconductors N.V., a global leader in secure connectivity solutions for embedded applications. Under his leadership, NXP has unlocked new sources of profitable growth, created significant shareholder value and strengthened the company’s position in key markets, including the acquisition and successful integration of Freescale.
Chip Bergh, Chair of HP’s Board of Directors, said: “Rick has a proven record of balancing disciplined cost cutting with growth investments, including through strategic transactions, that we believe will be additive to HP. The HP Board benefits from world-class directors with diverse skills and expertise to oversee the Company’s business and strategic execution. We are pleased to welcome Rick to the HP Board.”
Prior to becoming CEO of NXP, Clemmer was a member of NXP’s supervisory board and a senior advisor of Kohlberg Kravis Roberts & Co., a private equity and global investment firm that manages multiple alternative asset classes.
Enrique Lores, HP President and CEO, said: “We are fortunate to have a strong board that knows the industry well and is committed to ensuring we create maximum value for all of our shareholders. Rick’s experience in the tech sector and operational leadership is directly relevant to our strategic and financial value plan. We will benefit from his expertise as we continue to lead HP forward.”
Clemmer also previously served as President and CEO of Agere Systems, where he drove the turnaround and re-emergence of Agere Systems Inc., a spin-out from Lucent Technologies Inc.
Clemmer also served as Chairman of u-Nav Microelectronics Corporation, a GPS technology provider, and as Executive Vice President and Chief Financial Officer of Quantum Corporation. Before that, Clemmer was Senior Vice President and Semiconductor Group Chief Financial Officer of Texas Instruments.
Clemmer also serves on the board of NCR Corporation.
Clemmer added: “This is an especially exciting time for HP. Innovation across HP’s Personal Systems, Print, and 3D Printing and Digital Manufacturing businesses provides a strong foundation for growth and value creation. I am delighted to have the opportunity to work with Enrique and the Board to help guide HP’s continued market leadership.”
