MALVERN, PA – Vishay Intertechnology Inc (NYSE:VSH)., a global manufacturer and supplier of semiconductors and electronic components, announced significant changes to its executive team, according to a recent SEC filing. On Monday, the company’s Board of Directors appointed Roy Shoshani as the Executive Vice President – Chief Operating Officer of Semiconductors and Chief Technical Officer, effective immediately.
Shoshani, who previously held the position of Executive Vice President – Chief Technical Officer, steps into his new role without any disclosed arrangements with other individuals. Notably, Shoshani maintains familial ties within the company, being the brother of director Ziv Shoshani and nephew of director Ruta Zandman.
No other family relationships or material interests related to his appointment were reported. Despite recent market challenges, InvestingPro analysis shows the company maintains strong financial health with a current ratio of 2.81, indicating robust liquidity to meet short-term obligations.
In tandem with Shoshani’s appointment, the Compensation Committee approved an amendment to his employment agreement, reflecting his updated title and an increased annual base salary of at least $690,800, retroactively effective from January 1, 2025.
The company also disclosed the departure of Jeff Webster, former Executive Vice President – Chief Operating Officer, whose employment ended on Monday. Webster's departure entitles him to severance benefits, contingent upon a release of claims and adherence to restrictive covenants. Until a successor is appointed, Joel Smejkal, President & Chief Executive Officer, will oversee the Passive Components function.
Vishay, headquartered in Malvern, Pennsylvania, and incorporated in Delaware, has not provided further details on the reason for Webster's departure or its strategy for filling the now-vacant role.
This executive transition comes as the latest corporate update from Vishay, which is listed on the New York Stock Exchange under the ticker NYSE:VSH. The company’s full annual report, including the amendment to Shoshani's employment agreement, will be included in its Form 10-K for the fiscal year ended December 31, 2024. This article is based on a press release statement.
In other recent news, Vishay Intertechnology has expanded its MELF resistors range, launched a new solid-state relay for industrial use, and adjusted conversion rates for its convertible senior notes. The company has also authorized the repurchase of an additional 3.0 million shares of common stock. JPMorgan initiated coverage on Vishay, giving it a Neutral rating, citing the company's strong positioning in the semiconductor cycle recovery.
Vishay's recent financial moves include declaring a dividend of $0.10 per share. Notably, the company reported a stable third-quarter revenue of $735.4 million, despite facing challenges such as inventory destocking and sluggish demand.
In other developments, Vishay has been identified as a significant beneficiary within Nvidia (NASDAQ:NVDA)'s supply chain for AI servers and the upcoming RTX 50 series graphics cards. The company is set to commence mass production as a new DrMOS supplier for Nvidia's anticipated RTX 50 series graphics cards in 2025. These recent developments reflect Vishay's commitment to its long-term strategy and growth-focused approach.
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