Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq:
ALGM), a global leader in power and sensing semiconductor solutions
for motion control and energy efficient systems, today announced
that its President and Chief Executive Officer, Ravi Vig, is
retiring. Mr. Vig, will retire, effective June 13, 2022, from his
roles as President, CEO and a member of the board of directors,
which he has held since 2016 after joining the Company in 1984. Mr.
Vig will continue to support the leadership transition and serve in
an advisory role to the Company for the next 6 months.
“On behalf of the Board and the entire
management team, I would like to extend our sincere appreciation to
Ravi for his dedication, contributions and leadership to Allegro
for nearly 38 years,” stated Yoshihiro (Zen) Suzuki, Chairman of
Allegro MicroSystems. “He has been instrumental in our strategic
transformation, successfully bringing the company public and
leading us through our initial growth phase, culminating in the
achievement of record annual growth in net sales of 30% in fiscal
year 2022.”
“It has been an honor and privilege to lead
Allegro through the Company’s strategic transformation, and our
transition from a private company to a high-growth public company,”
commented Ravi Vig. “The decision to retire was one of the most
difficult decisions of my career, yet it is the right time for me
personally and for the Company as we report record results for
fiscal year 2022. Allegro’s market opportunity has never been
greater, and the Company is uniquely positioned to benefit from key
secular growth trends in xEV, ADAS, data center and industrial to
further extend its growth trajectory.”
After an extensive search, the board of
directors has appointed Vineet Nargolwala as President and CEO and
a member of the board of directors, effective June 13, 2022. Mr.
Suzuki commented, “We are very pleased to welcome Vineet to the
Allegro executive team and believe his extensive leadership
experience and proven track record of growth in multiple industries
will be integral to taking Allegro to the next level of growth and
expansion.”
“I am thrilled to join Allegro at such an
exciting time and become a part of this world class management and
engineering team,” stated Mr. Nargolwala. “Allegro has an
outstanding reputation for technology innovation and quality as the
leading provider of semiconductor technologies for sensing and
power in the automotive and industrial markets. With alignment to
fast growing markets and strong design win momentum, I believe the
Company has significant opportunities ahead that are anchored on
key trends in electrification, Industry 4.0, data centers,
autonomous vehicles and efficient motion control. I look forward to
further advancing Allegro’s growth strategy and driving value for
all stakeholders for years to come.”
Vineet Nargolwala is a successful technology
executive with over 25 years of global executive leadership
experience. Prior to joining Allegro, Mr. Nargolwala previously
served as Executive Vice President of Sensing Solutions at Sensata
Technologies (NYSE: ST), a leading industrial technology company
that develops sensors and sensor-based solutions for the
automotive, heavy vehicle and off-road, industrial, and aerospace
industries. He joined Sensata in 2013 and held various global
executive positions. Prior to Sensata, he was with Honeywell
International Inc. for over nine years in business strategy and
P&L leadership roles of increasing responsibility. Prior to
Honeywell, Mr. Nargolwala was at Nortel Networks in product
management and engineering roles. Mr. Nargolwala holds a bachelor’s
degree in Electrical Engineering from Maharaja Sayajirao University
in Baroda, India, a master’s degree in Electrical Engineering from
the University of Texas and a Master of Business Administration
from Cornell University.
About Allegro
MicroSystemsAllegro MicroSystems is a leading global
designer, developer, fabless manufacturer and marketer of sensor
integrated circuits (“ICs”) and application-specific analog power
ICs enabling emerging technologies in the automotive and industrial
markets. Allegro’s diverse product portfolio provides efficient and
reliable solutions for the electrification of vehicles, automotive
ADAS safety features, automation for Industry 4.0 and power saving
technologies for data centers and green energy applications.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements contained in this press release
that do not relate to matters of historical fact should be
considered forward-looking statements. In some cases, you can
identify forward-looking statements by terms such as “anticipate,”
“believe,” “could,” “expect,” “should,” “plan,” “intend,”
“estimate,” “target,” “mission,” “may,” “will,” “would,” “project,”
“predict,” “contemplate,” “potential,” or the negative thereof and
similar words and expressions.
Forward-looking statements are based on
management’s current expectations, beliefs and assumptions and on
information currently available to us. Such statements are subject
to a number of known and unknown risks, uncertainties and
assumptions, and actual results may differ materially from those
expressed or implied in the forward-looking statements due to
various important factors, including, but not limited to: downturns
or volatility in general economic conditions, including as a result
of the COVID-19 pandemic, particularly in the automotive market;
COVID-19 induced lock-downs and suppression on our supply chain and
customer demand; our ability to compete effectively, expand our
market share and increase our net sales and profitability; our
ability to compensate for decreases in average selling prices of
our products; the cyclical nature of the analog semiconductor
industry; shifts in our product mix or customer mix, which could
negatively impact our gross margin; our ability to manage any
sustained yield problems or other delays at our third-party wafer
fabrication facilities or in the final assembly and test of our
products; any disruptions at our primary third-party wafer
fabrication facilities; our ability to fully realize the benefits
of past and potential future initiatives designed to improve our
competitiveness, growth and profitability; our ability to
accurately predict our quarterly net sales and operating results;
our ability to adjust our supply chain volume to account for
changing market conditions and customer demand; our reliance on a
limited number of third-party wafer fabrication facilities and
suppliers of other materials; our dependence on manufacturing
operations in the Philippines; our reliance on distributors to
generate sales; our indebtedness may limit our flexibility to
operate our business; the loss of one or more significant end
customers; our ability to develop new product features or new
products in a timely and cost-effective manner; our ability to meet
customers’ quality requirements; uncertainties related to the
design win process and our ability to recover design and
development expenses and to generate timely or sufficient net sales
or margins; changes in government trade policies, including the
imposition of tariffs and export restrictions; our exposures to
warranty claims, product liability claims and product recalls; our
ability to protect our proprietary technology and inventions
through patents or trade secrets; our ability to commercialize our
products without infringing third-party intellectual property
rights; disruptions or breaches of our information technology
systems; risks related to governmental regulation and other legal
obligations, including privacy, data protection, information
security, consumer protection, environmental and occupational
health and safety, anti-corruption and anti-bribery, and trade
controls; our dependence on international customers and operations;
the availability of rebates, tax credits and other financial
incentives on end-user demands for certain products; the volatility
of currency exchange rates; risks related to acquisitions of and
investments in new businesses, products or technologies, joint
ventures and other strategic transactions; our ability to raise
capital to support our growth strategy; our ability to effectively
manage our growth and to retain key and highly skilled personnel;
changes in tax rates or the adoption of new tax legislation; risks
related to litigation, including securities class action
litigation; and our ability to accurately estimate market
opportunity and growth forecasts; and other important factors
discussed under the caption “Risk Factors” in our Annual Report on
Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on May 19, 2021, as any such factors may be updated from time to
time in our other filings with the SEC, which are accessible on the
SEC’s website at www.sec.gov and the Investors Relations page of
our website at investors.allegromicro.com.
All forward-looking statements speak only as of
the date of this press release and, except as required by
applicable law, we do not plan to publicly update or revise any
forward-looking statements contained herein, whether as a result of
any new information, future events, changed circumstances or
otherwise.
Investor Contact: Katherine
Blye Investor Relations Phone: (603) 626-2306
kblye@ALLEGROMICRO.com
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