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Peng successively held several C-level executive positions at the Programmable Products Group at Xilinx. He was responsible for the development and delivery of Xilinx programmable platforms including silicon and enabling technologies. He led the Programmable Platforms Development from November 2008 until April 2012. The following year, Peng served as the company Senior Vice President of programmable platforms group. From July 2014 to April 2017, Peng served as Senior Vice President and General manager of products at Xilinx, Inc. He was Chief Operating Officer at Xilinx from April 2017 and was appointed member of the board of directors in October of the same year. On January 29, 2018, he was appointed the fourth company CEO and succeeded Moshe Gavrielov as part of an official succession plan.

From 1998 to 2004, Peng led the development of graphics processing units (GPUs) and multimedia products at MIPS Technologies. He joined ATI in 2005 before it was acquired by AMD. Then, he served as corporate Vice President of the graphics products group (GPG) silicon engineering at AMD. He also led AMD's central silicon engineering team supporting graphics, console game products, CPU chipset and consumer business units. Peng was also corporate Vice President of the graphics products group (GPG) silicon engineering at AMD until 2008.

Peng began his engineering career at Digital Equipment Corporation (DEC) in 1982. Then, from 1996 to 2008, he held several executive positions successively at Silicon Graphics, MIPS Technologies, Tzero Technologies, ATI and later AMD. He joined his current company Xilinx in January 2008.

Victor Peng (born 1960) is a technology executive and CEO of Xilinx, an American technology company that supplies programmable logic devices. Peng's notable contributions in chip technology include field-programmable gate arrays (FPGAs), the Adaptive Compute Acceleration Platform (ACAP), and the Xilinx Everest project.