SOUTH PORTLAND (AP) – Fairchild Semiconductor Corp. President and CEO Kirk Pond will step down effective May 4 after eight years at the helm, the company announced Wednesday.

Pond will be replaced by Mark Thompson, vice president of Fairchild’s manufacturing and technology group. Pond will remain chairman of the board.

Pond has been president and chief executive officer since Fairchild split off from National Semiconductor Corp. in 1997. During Pond’s tenure, Fairchild has grown from about $600 million to $1.6 billion in annual sales.