National Semiconductor Corp Chief Executive Brian Halla plans to retire at the end of November, and Chief Operating Officer and company veteran Donald Macleod will take up his post.
Halla, 63, is stepping down as chief executive on Nov 30 but will remain Chairman of the Board of Directors until May 30, 2010, the end of the company's current fiscal year, according to a regulatory filing.
Macleod, 61, will take on the role of president and chief executive, and will also get a seat on the board. He has served in his current position since 2005. He joined National Semiconductor in 1978 and has held a variety of positions within the company, including executive vice president and chief financial officer.
Halla said in a statement that Macleod's appointment is strongly deserved.
This is 'the house that Donnie built', and he deserves to be its chief executive. I'll stay on through the 'rainy season' to make sure there are no leaks in the roof, he said.
National Semiconductor's analog microchips are used in everything from cell phones -- including Apple Inc's iPhone and Palm Inc's Pre -- to cars.
Shares in the Santa Clara, California-based company closed up 3.8 percent at $14.20 on the New York Stock Exchange and rose slightly after hours to $14.30.
(Reporting by Clare Baldwin; editing by Gunna Dickson)