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HP Names NXP CEO To Board As Xerox Takeover Fight Heats Up

Chip Bergh, chair of HP’s board of directors, says NXP Semiconductors CEO Richard Clemmer 'has a proven record of balancing disciplined cost cutting with growth investments, including through strategic transactions, that we believe will be additive to HP.'

HP Inc. on Thursday said that it named NXP Semiconductors CEO Richard Clemmer to its board of directors, expanding the group to a total of 13 members as the firm fights Xerox’s hostile takeover efforts.

“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,” said Chip Bergh, chair of HP’s board of directors, in a statement. “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.”

HP President and CEO Enrique Lores said that “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.”

[RELATED: Xerox's Chances Of Acquiring HP 'Just Took A Dip': Analyst]

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.

Clemmer was previously 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.,” according to a press release. Clemmer also serves on the board of Atlanta-based tech firm NCR Corp.

Clemmer’s appointment comes in the midst of Palo Alto, Calif.-based HP’s fight against Xerox’s hostile takeover efforts.

HP's board of directors has repeatedly rejected the takeover deal since it was first proposed by Xerox in November.

But Xerox has not backed down, and has promised to launch a tender offer starting "on or around" March 2, which will ask all HP shareholders to sell their shares to Xerox. The company also recently upped its offer for HP to $24 a share--or $34.9 billion in total--from $22 a share initially.

NXP, based in the Netherlands and Austin, Texas, announced last year it would buy semiconductor manufacturer Marvell Technology Group's Wi-Fi connectivity assets in an all-cash deal valued at $1.76 billion as the industry braces itself for 5G network rollouts, smart cities, and the influx of connected devices.

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