NXP Semiconductors today announced that CFO Peter van Bommel has decided to step down and to leave the company for "personal reasons." The Netherlands-based company, spun out of Philips in 2006, has appointed Karl-Henrik Sundström as executive VP and CFO, succeeding van Bommel effective immediately.

NXP CEO Frans van Houten noted that while van Bommel is exiting the CFO role, he will continue to support the company in the creation of its wireless joint venture with STMicroelectronics.

The two Europe-based giants announced in April plans to combine their respective wireless operations to form a joint-venture company targeting major handset manufacturers.

As part of the agreement, ST will pay NXP $1.55 billion for an 80% stake in the venture.

"We respect Peter's wish for a career change and thank him for his key contribution as CFO in a period of profound transformation of NXP. I appreciate his agreement to stay on board to finalize our important joint venture with ST," van Houten said in a statement.

While the ST-NXP venture includes a future exit mechanism for NXP's 20% stake, the company has not abandoned all interests in wireless. Indeed, much of Sundström's previous experience was at mobile phone maker Ericsson where he lead they company's global services operations and its Australian business before his appointment as CFO in 2003.

Sundström was named the best CFO in Europe for 2004, 2005, and 2006 by Institutional Investor magazine. He resigned from Ericsson in late 2007.

Sundström will transfer to Eindhoven to be located at the NXP's global headquarters. He will join NXP's executive management team and board of management, reporting directly to van Houten.

"We are very pleased with Karl-Henrik joining us; he brings a wealth of experience and great expertise with him. Karl-Henrik will play a vital role in the next phase of the value creation of our company," van Houten said.

By Suzanne Deffree, Managing Editor, News - Electronic News