Microchip Technology Announces Changes to Its Board of Directors

Rhea-AI Summary

Microchip Technology announced the appointment of Karlton Johnson to its Board of Directors, effective April 1, 2021. Johnson, with extensive experience in defense, cybersecurity, and international business, is expected to contribute significantly to Microchip’s strategic direction. He expressed enthusiasm about joining a company with a strong record of growth. Additionally, L.B. Day will retire from the board at the August 2021 annual meeting, marking the end of his long tenure since 1994.

Forward-looking statements regarding Microchip's future success include potential risks stemming from economic conditions, competitive pressures, and impacts from COVID-19.

Positive

• Appointment of Karlton Johnson enhances board expertise with skills in defense, cybersecurity, and international business.
• Johnson's background may bring a fresh perspective to Microchip's strategic planning.
• Continued commitment to growth and profitability indicated by both Johnson and existing board members.

Negative

• L.B. Day's retirement may create continuity concerns due to his long-standing involvement since 1994.
• Forward-looking statements carry risks, including uncertainties from the COVID-19 pandemic and competitive pressures.

CHANDLER, Ariz., March 02, 2021 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected and secure embedded control solutions, today announced that Karlton Johnson, currently the Chief Executive Officer of DeLaine Strategy Group LLC, will join the Board of Directors of Microchip effective April 1, 2021.

Commenting on Karlton Johnson’s appointment to the Board, Microchip’s Executive Chair, Steve Sanghi, said, “Karlton brings a valuable and unique background to Microchip with his many years of defense expertise, space development, cybersecurity knowledge, risk management, international business experience and organization excellence. Karlton has an impeccable track record of public service including 26 years in the Air Force as well as serving on multiple non-profit and advisory boards. We very much welcome Karlton to our Board and look forward to benefiting from his contributions.”

Karlton Johnson commented, “Microchip has an outstanding record of growth and profitability. The track record of financial success in the semiconductor industry combined with a winning company culture is what attracted me to Microchip. I am excited to be joining the Board of Directors of Microchip and look forward to contributing to Microchip’s success.”

Microchip also announced that L.B. Day has decided to retire from the Microchip Board of Directors effective as of the August 2021 annual meeting of shareholders.

Commenting on Mr. Day’s planned retirement, Mr. Sanghi said, “It has been an absolute pleasure to have L.B. on Microchip’s Board since December of 1994. L.B. helped Microchip establish its strategic planning process and his contributions to the Board and Microchip’s success will be missed. L.B. will always be part of the Microchip family.”

L.B. Day said, “It has been my pleasure to be a member of the Microchip Board of Directors for over 25 years. The success Microchip has achieved has been remarkable and I know that Microchip will continue to thrive in the future.”

Cautionary Statement:

The statements in this release relating to the changes in our board of directors, the success of Microchip and that Microchip will continue to thrive in the future are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to: uncertainties related to the impact of the COVID19 pandemic on the economy, our business and the business of our customers and suppliers; the impact of any significant acquisitions we may make; our ability to realize the expected benefits of our acquisitions, changes in demand or market acceptance of our products and the products of our customers; our ability to execute on our strategy; our ability to hire and retain our executives and other employees; competitive developments including pricing pressures; the costs and outcome of any current or future litigation or other matters involving our Microsemi acquisition, the Microsemi business, intellectual property, customers, or other issues; the costs and outcome of any current or future tax audit or investigation regarding our business or the business of Microsemi; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

For a detailed discussion of these and other risk factors, please refer to Microchip's filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or the SEC's website (www.sec.gov) or from commercial document retrieval services.

Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this March 2, 2021 press release, or to reflect the occurrence of unanticipated events.

About Microchip:

Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. The company's solutions serve more than 113,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

The Microchip logo and name are registered trademarks of Microchip Technology Incorporated.

INVESTOR RELATIONS CONTACT:
J. Eric Bjornholt – CFO
(480) 792-7804

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c659bfb-8380-42b8-b118-92710710f3cc

FAQ

Who is Karlton Johnson and what is his role at Microchip?

Karlton Johnson, appointed to the Board of Directors effective April 1, 2021, brings expertise in defense, cybersecurity, and international business.

What impact does Karlton Johnson's appointment have on Microchip?

His appointment is expected to enhance strategic planning and contribute positively to Microchip's growth trajectory.

When will L.B. Day retire from Microchip's Board?

L.B. Day will retire effective at the August 2021 annual meeting of shareholders.

What challenges could Microchip face following the board changes?

Challenges may include continuity concerns due to L.B. Day's retirement and risks associated with forward-looking statements, particularly related to economic conditions and COVID-19.