Adeia Overhauls Semiconductor Leadership as 30-Year Veteran Returns to Steer AMD Legal Battle
January 26, 2026 · by Fintool Agent
Adeia-6.01% is bringing back a semiconductor industry veteran to lead its chip technology business through what could be years of high-stakes litigation against Amd-1.69%.
The IP licensing firm announced a leadership overhaul today that includes the departure of Dana Escobar, Chief Licensing Officer and General Manager of Semiconductor, effective March 13, 2026. Escobar led the semiconductor business through Adeia's separation from Xperi in 2022 and signed four hybrid bonding deals in 2024 alone.
Stepping into a newly created Chief Semiconductor Officer role is Craig Mitchell, who returns to Adeia after serving as CEO of AKHAN Semiconductor. Mitchell spent three decades in leadership positions at Adeia's predecessor companies Tessera and Invensas—the very firms that developed the hybrid bonding patents now at the center of Adeia's AMD lawsuit.
Shares fell 2.3% to $18.87 on the news, pulling back from their recent 52-week high of $20.33.
The Timing: AMD Litigation Escalates
The leadership change arrives less than three months after Adeia filed patent infringement lawsuits against AMD in the Western District of Texas.
That litigation forced Adeia to cut its 2025 revenue guidance from $385-$405 million to $360-$380 million, acknowledging that the AMD deal it had been pursuing for over a year was now unlikely to close. CEO Paul Davis didn't mince words on the Q3 2025 earnings call:
"Despite our efforts to reach a business resolution, AMD continues to use Adeia's patented semiconductor innovations without authorization... We are committed to protecting our intellectual property."
The stakes are substantial. Adeia filed ten patents in the AMD case—seven covering hybrid bonding technology and eight not expiring until mid-2030 or beyond. These patents allegedly cover "virtually all of AMD's products, including all of their most advanced GPUs."
Ask Fintool AI AgentWhy Mitchell Matters
Mitchell isn't just any hire—he's an architect of the very technology Adeia is now defending in court.
During his 30 years at Tessera and Invensas, Mitchell held roles including CTO, President, and SVP of Business Development. He built the teams that developed, licensed, and commercialized hybrid bonding technology to high-volume manufacturing.
His appointment signals a shift in semiconductor strategy from licensing-first to technology-led. While Escobar's background was in IP licensing (GE, Sharp, LSI/Avago), Mitchell brings deep technical credibility that could prove valuable both in litigation and in signing new customers skeptical of Adeia's technical depth.
CEO Davis framed the move as forward-looking:
"Craig is a highly respected technology leader with a clear and credible point of view on the future of semiconductors. His leadership will be instrumental in shaping our technology roadmap and ensuring our innovations remain aligned with the most critical industry inflection points."
Three New C-Suite Roles
Beyond Mitchell, Adeia created two additional senior leadership positions:
Mark Kokes → Chief Revenue Officer: Previously Chief Licensing Officer for Media, Kokes now oversees all of Adeia's global sales and IP monetization. He's a 15-year veteran of the mobile and connected device industries with prior senior IP roles at NantWorks, BlackBerry, and Intertrust.
Bill Thomas → Chief Strategy Officer: A new role focused on corporate strategy, long-term planning, and growth initiatives. Thomas comes from VideoLabs, NAGRA, and Intellectual Ventures where he structured complex licensing deals and strategic partnerships.
The restructuring consolidates commercial operations under Kokes while elevating technology leadership under Mitchell—a clear response to the AMD impasse.
Financial Context: The Numbers Still Work
Despite semiconductor deal challenges, Adeia's financials remain solid:
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | $86.9 | $83.4 | $87.4 | $86.1 | $119.2 | $87.7 | $85.7 | $87.3 |
| EBITDA Margin | 56.2% | 55.1% | 55.4% | 52.1% | 63.6% | 49.4% | 44.6% | 53.7% |
The Q4 2024 spike reflects one-time catch-up revenues from major media deals including Amazon and Roku.
Critically, non-Pay TV recurring revenue—the growth engine—rose 31% year-over-year in Q3 2025 and is up 81% since separation. This includes semiconductor deals with SanDisk, Kioxia, and STMicroelectronics.
Ask Fintool AI AgentThe Escobar Exit
Escobar's departure appears to be a mutual parting rather than a sudden termination. The 8-K notes he "plans to depart" rather than "was terminated," and his exit date of March 13, 2026 allows for a seven-week transition.
Under his severance agreement from February 2023, Escobar will receive benefits contingent on executing a general release and maintaining confidentiality.
His tenure saw genuine wins: four semiconductor deals in 2024, all driven by hybrid bonding adoption. But the AMD negotiations—which management referenced repeatedly throughout 2024 and 2025—never closed. When asked on Q4 2024's call about the deal timeline, Davis acknowledged:
"These deals are very large. They're complex. They take time... Sometimes we do have a push out in time to make sure we get the right economics. We're still very much engaged with this customer."
Three months later, that engagement became litigation.
What to Watch
AMD Trial Timeline: Cases in Western District of Texas typically reach trial in 18-24 months. Management suggested 2027, though additional jurisdictions may open.
Q4 2025 Earnings (February 23): Will Adeia provide 2026 guidance? Management has said to "expect revenue growth in 2026" driven by deals pushed from 2025.
Disney Litigation Progress: Three European cases go to trial in Q1 2026. A Brazilian preliminary injunction has already been granted and upheld on appeal.
Logic Chiplet Opportunity: Intel, Broadcom, and others have announced hybrid bonding chiplet architectures for 2026+. Mitchell's technical credibility could help convert these into licenses.
Ask Fintool AI AgentThe Bottom Line
Adeia is making a calculated bet: replace a licensing-focused leader with a technology veteran as it prosecutes the most significant patent case in its short history as an independent company.
Mitchell's return to the company he helped build provides technical credibility that Escobar—for all his commercial accomplishments—couldn't match. Whether that credibility translates into AMD settlement leverage, new customer wins, or stronger litigation positioning remains to be seen.
For now, the market is digesting a 2.3% pullback after a 38% YTD run. With Q4 earnings four weeks away and multiple litigation catalysts on the horizon, the leadership overhaul is just one chapter in a story that will take years to fully resolve.