- Push-out Score determined
- After about six years in the position
- Accolades, praise and good wishes for Vig
- Vineet Nargolwala taking over
- Vig said 96 words
(exechange) — Manchester, New Hampshire, May 9, 2022 — Ravi Vig, chief executive of Allegro, leaves. As announced by Allegro MicroSystems Inc. in a news release and in a regulatory filing published on Monday, May 9, 2022, Ravi Vig leaves his post as chief executive officer at the specialist in power and sensing semiconductor products for motion control and energy efficient systems, after about six years in the role, effective June 13, 2022.
Ravi Vig’s duties as CEO will be taken over by Vineet Nargolwala, most recently Executive Vice President of Sensing Solutions at Sensata Technologies.
The fact that Ravi Vig’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“The right time for me personally and for the Company”
Ravi Vig’s departure from the CEO post is explained as follows. Ravi Vig said: “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.”
Precise information regarding Ravi Vig’s future plans was not immediately available.
Allegro said: “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.”
Share price increase since May 2021
The announcement follows an increase in Allegro MicroSystems Inc.’s share price of 4% since May 2021.
In the position of CEO since 2016
Ravi Vig became CEO of the Company in 2016.
Vig will continue to support the leadership transition and serve in an advisory role to the Company for the next 6 months.
Vig has served as the Company’s Chief Executive Officer and as a member of the Company’s Board since 2016.
Vig joined Allegro in 1984 as an Analog Design Engineer and then as a Design Manager.
Vig helped to launch the Company’s magnetic sensor integrated circuit (“IC”) business.
Vig later spearheaded the marketing effort for these innovative products, where he became the Vice President of the Company’s Sensors Business Unit.
Vig has also served as the Senior Vice President of Business Development, responsible for the Company’s sensor and power IC businesses.
Prior to being named President and Chief Executive Officer in 2016, Vig served as the Company’s Chief Operating Officer.
Vig holds over 50 U.S. patents in the areas of sensors and semiconductors.
Vig serves as a Trustee for the Committee for Economic Development, a nonprofit, nonpartisan, business-led public policy organization.
Vig received a B.S. in Electrical Engineering from Rutgers University in 1982 and an M.S. in Engineering from Dartmouth College in 1984.
Vig received an M.B.A. from Southern New Hampshire University in 1991 and completed the Global Executive Leadership Program at Yale University in 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Ravi Vig’s move on a scale of 0 to 10.
exechange reached out to Allegro and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2022 ($).