David J. Aldrich Joins the Allegro MicroSystems Board of Directors

Rhea-AI Summary

Allegro MicroSystems has appointed David J. Aldrich to its board of directors and Audit Committee, marking a strategic move for the company amid growing opportunities in the semiconductor industry. Aldrich, with over 25 years of experience, previously headed Skyworks Solutions and holds significant expertise in enhancing shareholder value. His appointment is anticipated to bolster Allegro's growth and operational strategies, especially in automotive and industrial sectors.

Positive

• David J. Aldrich brings over 25 years of semiconductor industry experience.
• His leadership is expected to enhance shareholder value.
• Aldrich's background includes significant roles in high-performing technology companies.

Negative

• Concerns about continuity and experience gaps in the board.

MANCHESTER, N.H., May 25, 2021 (GLOBE NEWSWIRE) -- Allegro MicroSystems, Inc. (“Allegro”), a global leader in sensing and power semiconductor technology, today announced the appointment of David J. Aldrich to its board of directors and Audit Committee, effective immediately.

“We are pleased to welcome Dave to our board of directors and Audit Committee,” said Ravi Vig, President and CEO of Allegro MicroSystems. “Dave is an accomplished executive with extensive business and operational experience within the semiconductor industry, and he brings a track record of creating shareholder value and scale at emerging growth companies through organic and inorganic strategies. I look forward to his insights on our technology, business and growth priorities as we continue working to accelerate our revenue and profitability.”

“This is an exciting time to be joining the board of directors of Allegro,” said Aldrich. “It is a company at an inflection point, with innovative technologies, strong end markets and incumbency at blue chip customers,”

Mr. Aldrich brings to the board more than 25 years of leadership and technical experience from leading technology companies. Mr. Aldrich is the former Chairman of Skyworks Solutions, Inc, a leading developer of high-performance mobile communications solutions, where he served from 2018 to 2021. He previously served as Executive Chairman of Skyworks from 2016 to 2018, and as Skyworks’ Chief Executive Officer from 2002 to 2016. Prior to the creation of Skyworks, Mr. Aldrich served as the President and Chief Executive Officer of Alpha Industries. He also previously held senior positions at Adams-Russell and M/A-COM. Aldrich currently serves on the board of directors of indie Semiconductor, an automotive semiconductor and software innovator, as well as Belden, a publicly traded provider of end-to-end signal transmission solutions.

Aldrich holds a bachelor’s degree from Providence College and a master’s in business administration from the University of Rhode Island. Over his career, he has received numerous awards and recognition, including being named the 2014 CEO of the Year by the Massachusetts Technology Leadership Council.

About Allegro MicroSystems

Allegro 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 innovative 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,” “should,” “could,” “target,” “potential,” “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; 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” our annual report on Form 10-K filed with the U.S. 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 & Media 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.

Contact: Katherine Blye
Senior Director, Investor Relations & Marcom
Phone: +1 603 626-2306
kblye@allegromicro.com 

FAQ

Who is David J. Aldrich and what is his background?

David J. Aldrich is the newly appointed board member of Allegro MicroSystems, with over 25 years of experience in the semiconductor industry, including leadership roles at Skyworks Solutions.

How might Aldrich's appointment impact Allegro MicroSystems?

Aldrich's experience in semiconductor technology and operations is expected to enhance Allegro's growth strategies and shareholder value.

What role will Aldrich serve at Allegro MicroSystems?

Aldrich will serve on the board of directors and the Audit Committee, providing insights into technology and business priorities.

Why did Allegro MicroSystems appoint David J. Aldrich?

Allegro appointed Aldrich to leverage his extensive experience and track record in creating shareholder value to accelerate revenue growth.

When was David J. Aldrich appointed to Allegro MicroSystems' board?

David J. Aldrich was appointed to Allegro MicroSystems' board of directors and Audit Committee on May 25, 2021.