POWI 8-K
Power Integrations Inc (POWI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
______________
(Exact name of registrant as specified in its charter)
______________
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (
______________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02(b).
On February 3, 2025, Balu Balakrishnan notified the Company that he intends to retire from his position as president and chief executive officer. His decision to retire was not the result of any dispute or disagreement with the company or the board. Mr. Balakrishnan will continue to serve as president and chief executive officer until such time that the company’s board of directors appoints a new chief executive officer. The company’s board of directors has retained an executive search firm to assist in identifying its next chief executive officer. Mr. Balakrishnan will continue to serve as Chairman of the Board during this transition and thereafter is expected to remain a member of the board of directors.
A copy of the Company’s press release announcing Mr. Balakrishnan’s retirement is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
Exhibit 104 | Cover Page Interactive Data File (Formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Power Integrations, Inc. | |||
Dated: | February 7, 2025 | By: | /s/ SANDEEP NAYYAR |
Sandeep Nayyar | |||
Chief Financial Officer | |||
Exhibit 99.1
Power Integrations CEO Balu Balakrishnan to Retire
Will remain CEO until successor is in place and then continue as executive chairman to ensure smooth transition
SAN JOSE, CALIF. – February 6, 2025 – Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today announced that Balu Balakrishnan, the company’s CEO since 2002, will retire from that role once a successor is in place. The company’s board of directors has retained an executive search firm to assist in identifying its next CEO; both internal and external candidates will be considered. Mr. Balakrishnan, 70, intends to serve as executive chairman of the company’s board for as long as is needed to ensure a smooth transition to his successor, and is expected to remain on the board of directors thereafter.
Mr. Balakrishnan joined Power Integrations in 1989, shortly after its formation, from National Semiconductor, where he was a product-line manager. He is the inventor of many Power Integrations products including TOPSwitch™, the company’s first commercial product, followed by TinySwitch™, the first product to feature the company’s renowned EcoSmart™ technology for reducing standby-power waste. Mr. Balakrishnan served in a succession of executive roles before being named president and chief operating officer in 2001. In 2002 he was named CEO and joined the company’s board of directors. He has been awarded more than 200 U.S. patents and has received numerous awards including the Discover Award for Technological Innovation in recognition of the environmental benefits of EcoSmart technology.
Commented Mr. Balakrishnan: “I am incredibly proud of what we have achieved at Power Integrations over the past 35 years. And while it is time for me to turn over leadership of the company to a new CEO, I remain as passionate as ever about the work we are doing, and I believe exciting times are ahead. We have a talented, dedicated workforce and a promising array of products and technologies with which to pursue growth opportunities in a broad range of end markets. I look forward to working with our new CEO to ensure a smooth transition.”
Power Integrations CEO Balu Balakrishnan to Retire
Page 2
Bala Iyer, lead independent director of Power Integrations’ board, added: “The board and I congratulate Balu for all that he has achieved at Power Integrations, and we are delighted that he will continue to play an important role in the company’s future. Balu is not only one of the great inventors in the history of the power semiconductor industry, but also an outstanding leader who has built a durable franchise with strong intellectual property, a deep reservoir of engineering talent and a culture that nurtures innovation. I am confident that we will identify an outstanding individual to lead the company in its next phase of growth, building on the strong foundation that Balu has put in place.”
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power-conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.
Power Integrations, TOPSwitch, TinySwitch, EcoSmart and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.
# # #
Contact: Joe Shiffler Power Integrations, Inc. (408) 414-8528 | | |