Navitas Semiconductor Appoints New Chief Financial Officer

Rhea-AI Summary

Navitas Semiconductor (Nasdaq: NVTS) has appointed Ron Shelton as Senior VP, CFO, and Treasurer, succeeding interim CFO Todd Glickman, who remains SVP of Finance. Shelton, with vast experience in public company finance and over $2 billion in transaction experience, previously served as CFO for Adesto Technologies and GigOptix. His expertise in mergers, acquisitions, and strategic investments will support Navitas' growth initiatives in GaN power ICs. CEO Gene Sheridan expressed confidence in Shelton's capabilities as the company aims to enhance its leadership in the semiconductor sector.

Positive

• Ron Shelton's extensive experience in public company finance and strategic transactions.
• Expected contributions to growth initiatives from Shelton's background in mergers and acquisitions.

Negative

• Transition may disrupt continuity in financial leadership during this critical growth phase.

EL SEGUNDO, Calif., May 26, 2022 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the industry-leader in gallium nitride (GaN) power ICs, announced the appointment of Ron Shelton as Senior VP, CFO and Treasurer. In parallel, interim CFO, Todd Glickman, will continue in his integral role as SVP of Finance.

“We welcome Ron to the team as he brings rich experience as a public-company CFO in semiconductors, in M&A and other strategic transactions which will be invaluable in our mission to become the leading next-generation power-semiconductor company,” said Gene Sheridan, Navitas CEO and co-founder. “Additionally, I would like to thank Todd for his support and leadership through Navitas' journey from a start-up through our debut as a public company last October, as our interim CFO. I am grateful to have his continued support as we enter a new phase of growth for our company.”

Mr. Shelton was previously CFO at Adesto Technologies, a provider of application-specific semiconductors and embedded systems for Internet-of-Things (“IoT”) devices, from 2011 to 2020. Prior to that, he was CFO at GigOptix, Cirrus Logic and other successful semiconductor companies. Mr. Shelton is currently a member of the board of directors, and an officer of Parabellum Acquisition Corp. (NYSE: PRBM), a blank-check company formed for the purpose of effecting a business combination. Parabellum has announced its intention to focus its search for a business combination target on companies that are actively engaged in IoT technology in various segments.

Mr. Shelton has significant transactional experience and has been involved in various transactions with an aggregate value of over $2 billion, including mergers and acquisitions, IPOs, debt and equity financings, joint ventures, strategic investments, and technology licensing. Mr. Shelton has a bachelor’s degree in economics from Stanford University.

About Navitas

Navitas Semiconductor (Nasdaq: NVTS) is the industry leader in GaN power ICs, founded in 2014. GaNFast™ power ICs integrate GaN power with drive, control, protection and sensing to enable faster charging, higher power density and greater energy savings for mobile, consumer, enterprise, eMobility and new-energy markets. Over 150 Navitas patents are issued or pending, and over 50 million units have been shipped with zero reported GaN field failures. Sustainability is a core focus, as every GaNFast power IC shipped saves 4 kg of CO₂ emissions. Navitas rang the Nasdaq opening bell and started trading as NVTS on Nasdaq on October 20th, 2021.

Navitas Semiconductor, GaNFast and the Navitas logo are trademarks or registered trademarks of Navitas Semiconductor Limited. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Contact Information

Stephen Oliver, VP Corporate Marketing & Investor Relations, Navitas Semiconductor

ir@navitassemi.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a0a2c06-bce6-4e1c-96c7-502e3e3c7095

FAQ

What impact will Ron Shelton's appointment as CFO have on Navitas Semiconductor (NVTS)?

Ron Shelton's appointment is expected to bring valuable experience in public company finance and strategic transactions, enhancing Navitas' growth prospects.

Who is replacing Todd Glickman at Navitas Semiconductor?

Ron Shelton is replacing Todd Glickman, who will continue as SVP of Finance.

What previous companies did Ron Shelton work for before joining Navitas Semiconductor?

Before Navitas, Ron Shelton served as CFO for Adesto Technologies and GigOptix, among other semiconductor companies.

What are Ron Shelton's qualifications for the CFO position at Navitas Semiconductor (NVTS)?

Ron Shelton has a proven track record in public company finance, with over $2 billion in transaction experience including IPOs and strategic investments.