(Updates with spokeswoman's comments.)
National Semiconductor Corp.'s (NSM) long-time chief executive,
Brian L. Halla, will retire at the end of November, and will be
succeeded by Chief Operating Officer Donald Macleod.
Halla also plans to retire from the board of directors at the
end of the company's fiscal year, on May 30.
"This is 'The house that Donnie built,' and he deserves to be
its chief executive," said Halla on Friday. "I'll stay on through
the 'rainy season' to make sure there are no leaks in the
roof."
Friday's announcement isn't the first shift in executive roles
between Halla and Macleod. In 2005, Macleod took on the additional
role of president from Halla, who had served in that role and also
as chairman and chief executive since 1996.
Prior to becoming chief operating officer, Macleod served as
executive vice president and chief financial officer for 10
years.
National Semiconductor spokeswoman LuAnn Jenkins said the
succession plan between the two leaders had been in place for some
time, saying Halla had referred to Macleod as "one of the best
operation guys in the valley."
Jenkins added that Halla is looking forward to enjoying time
with his family over the next few months before moving forward with
his future endeavors.
The shift in the top ranks at National Semiconductors comes at a
time when the analog-chip maker has cut costs as it shifts to make
more lucrative products for specific markets, particularly energy
management. National Semiconductor trimmed its work force by 26% in
March, one of the more dramatic responses by a Silicon Valley
company to the recession.
Shares were down 3.7% at $13.68 in after-hours trading.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com