Vicor (NASDAQ:VICR) Corp, a manufacturer of electronic components, has confirmed the election of twelve directors to its board following its annual stockholders' meeting held on June 21, 2024. The shareholders voted to fix the number of directors at twelve and to elect the twelve nominees to serve until the 2025 Annual Meeting of Stockholders.
The election results showed strong support for the board nominees, with Patrizio Vinciarelli receiving the highest number of votes for, totaling 135,495,642, and only 6,969,459 votes withheld. Other nominees also saw significant backing, with votes for ranging from 130,704,480 to 136,634,629, and votes withheld between 5,830,472 and 11,760,621. Notably, there were no broker non-votes or abstentions recorded for this proposal.
The elected directors include a mix of incumbents and new members, each bringing a range of expertise to the board. The directors are Patrizio Vinciarelli, Estia J. Eichten, Philip D. Davies, Samuel J. Anderson, M. Michael Ansour, Claudio Tuozzolo, Andrew T. D’Amico, Jason L. Carlson, Michael S. McNamara, James F. Schmidt, Zmira Lavie, and John Shen.
Vicor Corporation, based in Andover, Massachusetts, is incorporated in Delaware and specializes in the manufacturing of electronic components and operates within the broader electronic components industry.
This update is based on information derived from a recent SEC filing by Vicor Corporation.
In other recent news, Vicor Corporation has reported mixed results for Q1 2024. The company disclosed a revenue decrease to $83.9 million, down 9.5% from the previous quarter and 14.3% year-over-year. This decline was due to a drop in Advanced Products revenue by 7.3%, and Brick Products revenue by 11.7%. However, Vicor's gross profit margin improved to 53.8%, a 2.7% increase from the last quarter, despite the rising legal expenses related to a patent infringement trial.
In terms of future developments, Vicor anticipates the 5G revenue opportunity to commence in 2025, with 2024 being a preparatory phase for delivering solutions to key customers. The company is also targeting growth in AI, automotive, and other sectors, planning to fill its $1 billion worth of fab capacity within the next three years. Vicor's CEO, Patrizio Vinciarelli, expressed confidence in the ongoing ITC case and the company's future prospects, despite the current challenges.
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