NXP's CEO to retire this year, insider Sotomayor to take over

(Reuters) -NXP Semiconductors NV said on Monday that its CEO Kurt Sievers will retire by the end of the year, and Rafael Sotomayor, currently a Vice President at the chipmaker, will succeed him. Shares of the Eindhoven, Netherlands-based company fell nearly 7% in extended trading. Sotomayor will take on the role of the president effective Monday and will assume the role of chief executive in October.

(Reporting by Juby Babu in Mexico City; Editing by Tasim Zahid).