Allegro MicroSystems' CEO to retire – successor already appointed
Allegro MicroSystems' President and CEO, 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.
The company says that Mr. Vig will continue to support the leadership transition and serve in an advisory role to Allegro 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,” says Yoshihiro (Zen) Suzuki, Chairman of Allegro MicroSystems in a press release. “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,” says 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.”
Following 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.
Vineet Nargolwala brings with him over 25 years of global executive leadership experience. Prior to joining Allegro, Mr. Nargolwala served as Executive Vice President of Sensing Solutions at Sensata Technologies. Prior to Sensata, he was with Honeywell International for over nine years in business strategy and P&L leadership roles of increasing responsibility.
“I am thrilled to join Allegro at such an exciting time and become a part of this world class management and engineering team,” Mr. Nargolwala says in the press release. “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.”