Xperi Holding Corporation (XPER) said on Wednesday that it had appointed Paul Davis as Chief Executive Officer of Adeia, Xperi’s intellectual property business.
The appointment will become effective once the separation of Adeia as a stand-alone company is completed during the fall.
Prior to spinoff, Davis is to serve as the President of Adeia, while also maintaining his role as Chief Legal Officer of Xperi.
Davis became part of Xperi’s team in 2011 and in 2013 was promoted to Senior Vice President, General Counsel and Corporate Secretary of Tessera Technologies Inc – the predecessor to Xperi Corp before the acquisition of DTS Inc in 2016.
“After a comprehensive search, the Board of Directors has unanimously decided to promote Paul Davis as Adeia’s new CEO,” Jon Kirchner, Xperi Holding Corp’s Chief Executive Officer, said in a press release.
“Paul has deep knowledge of the IP licensing business and a clear understanding of the nuances and challenges of running a public company. Furthermore, his demonstrated leadership and commitment over many years gives the board strong confidence he is the right leader for Adeia’s next chapter as an independent public company,” Kirchner added.
The shares of Xperi Corp closed higher for the fourth time in the past ten trading sessions on NASDAQ on Wednesday. The stock went up 1.61% ($0.26) to $16.43, after touching an intraday high at $16.58. The latter has been a price level not seen since May 23rd ($16.91).
The shares of Xperi Corp have retreated 13.11% so far in 2022, following another 9.52% loss in 2021.
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