Conexant Systems was formed as an independent entity when Rockwell International Corporation spun off its semiconductor business to shareowners. It was listed on the Nasdaq under symbol CNXT on January 4, 1999. Dwight W. Decker was its chief executive, and it was based in Newport Beach, California.
In March 2013, Conexant filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. Sailesh Chittipeddi was chief executive at the time. A court approval allowed Conexant to swap their debts for all the equity of the company. As a result, the reorganized company was able to emerge bankruptcy and restart completely debt-free. They had to move their headquarters from Newport Beach to Irvine, California, and to thin out their product portfolio.