ON SEMICONDUCTOR Business Summary

ON Semiconductor Corp (onsemi) generates revenue through the design and manufacture of power and sensing semiconductors, primarily serving the automotive, industrial, and AI data center markets. The company operates through three primary business segments: the Power Solutions Group (PSG), which provides high-performance silicon carbide (SiC) and MOSFET components; the Analog and Mixed-Signal Group (AMG), focusing on power management and interface solutions; and the Intelligent Sensing Group (ISG), which leads the market in automotive-grade image sensors. As of early 2026, onsemi has successfully pivoted from a commodity chipmaker to a high-margin specialist in "intelligent power," positioning itself as the world’s second-largest power semiconductor supplier. It competes directly with Analog Devices (ADI), STMicroelectronics (STM), and Microchip Technology (MCHP), maintaining a dominant competitive moat in automotive sensing and vertically integrated SiC manufacturing. The company was originally founded as a spinoff of Motorola’s Semiconductor Components Group in 1999. Current leadership is anchored by President and CEO Hassane El-Khoury, who joined in 2020 after serving as CEO of Cypress Semiconductor, and Executive VP and CFO Thad Trent, also a Cypress veteran; together, they have spearheaded the "Fab-Liter" strategic transformation to improve structural profitability. Key technical leadership includes Dr. Steven Gray, Senior Vice President of New Product Development, and Simon Keeton, Group President of the flagship Power Solutions Group. The Board of Directors is currently chaired by Alan Campbell, with Thomas L. Deitrich designated as Chairman-elect following the May 2026 annual meeting. Notable institutional backing includes major positions from Norges Bank and Baillie Gifford, reflecting strong market confidence in the company's role in global electrification and AI infrastructure.