Synaptics announced that CFO Ken Rizvi has resigned effective immediately to pursue another opportunity, and the company will not search for a successor given its pending merger with ON Semiconductor. Rizvi will remain as an adviser through September 30, 2026, while CEO Rahul Patel will serve as principal financial officer until the merger closes, and former Chief Accounting Officer Kermit Nolan will return as a consultant to support the finance team. The all-stock acquisition, announced in June, values Synaptics at approximately $7 billion, with shareholders receiving 1.350 ON Semiconductor shares for each Synaptics share, a roughly 19% premium based on the companies' 10-day volume-weighted average closing prices. The deal is expected to close in mid-2027 and be accretive to non-GAAP earnings per share within 18 months, with anticipated annual synergies of approximately $200 million. Synaptics shares were up 1.84% at $99.80 during premarket trading on Friday.
Synaptics IncorporatedCFO resignation effective immediately, though no successor search due to pending merger; leadership transition adds uncertainty.
ON Semiconductor CorporationMerger progress noted but CFO resignation is a minor operational detail; deal terms unchanged.
