U.S. Department of Commerce Names Lynelle McKay as Chief Portfolio Management Officer of CHIPS Program Office

Media Contact: Madeline Broas, madeline.broas [at] chips.gov (madeline[dot]broas[at]chips[dot]gov).

The U.S. Department of Commerce today announced that industry veteran and current Senior Relationship Director in the CHIPS Program Office, Lynelle McKay will serve as Chief Portfolio Management Officer. As Chief Portfolio Management Officer, Lynelle will work closely with CHIPS Act awardees and a range of stakeholders to continue implementing the program alongside CHIPS Program Office leadership including CPO Director Mike Schmidt and Chief Investment Officer Todd Fisher. She will oversee the management of funds over time consistent with milestones and other commercial terms.

Lynelle enters her new role as Chief Portfolio Management Officer after serving as a Senior Relationship Director in the CHIPS Program Office, where she has worked directly with CPO applicants and a variety of stakeholders in the semiconductor industry. Coming out of retirement to join the CHIPS Investment Office, Lynelle has over 20 years of experience working in the semiconductor industry, including senior leadership roles with both Freescale Technologies and Motorola. She has also held leadership positions working with the Girl Scouts of the USA, including supporting girls in STEM programs.

“It’s an honor to continue my public service with the CHIPS for America team. The semiconductor industry is one of the world’s most complex ecosystems, and I look forward to working with our award recipients, applicants, and key stakeholders to continue implementing this once-in-a-generation industrial policy program,” said Lynelle McKay, CHIPS for America Chief Portfolio Management Officer.

To date, the CHIPS for America program, which sits within the National Institute of Standards and Technology (NIST), has announced nearly $30 billion in proposed funding across twelve preliminary memoranda of terms to revitalize America’s semiconductor industry. These proposed CHIPS for America investments are already delivering significant results, including unlocking more than $300 billion in public and private investment between now and the end of the decade – far and away the most investment in new production in the history of the U.S. semiconductor industry.

Earlier this year, Secretary Raimondo announced that we anticipate that America will produce 20% of the world’s leading-edge chips by the end of the decade, meaning our innovation capacity will no longer be as vulnerable to supply chain disruptions as it is today. The Semiconductor Industry Association released a report saying that America is on track to triple its domestic semiconductor manufacturing capacity from 2022 – when the CHIPS and Science Act was enacted – to 2032. The projected 204% growth is the largest projected percent increase in the world over that time.

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