MANCHESTER, NH, January 10, 2022 (GLOBE NEWSWIRE) – Allegro MicroSystems, Inc. (Nasdaq: ALGM) (“Allegro”), a global leader in sensing and power semiconductor technology, announced today as Paul Walsh, current Vice President Chief Financial Officer (CFO) and Treasurer will retire. He will be replaced by Derek D’Antilio, who was selected after extensive research and will join Allegro’s management team effective January 10, 2022. Mr. Walsh will remain in an advisory capacity until February 4, 2022, in order to ensure a smooth and orderly transition of responsibilities.
Mr. D’Antilio will report to Ravi Vig, President and CEO, and oversee the company’s global finance team. He joins Allegro with more than 20 years of financial and operational experience in semiconductor and high technology companies. mobilization efforts and investor relations.
Prior to joining Allegro, Mr. D’Antilio most recently served as CFO of a Summit Partners holding company and helped lead the recent sale and recapitalization of the company. From February 2019 to March 2021, he served as Chief Financial Officer of IDEX Biometrics, a publicly traded and global semiconductor company, where he was instrumental in leading a Nasdaq listing and in preparing the company for increased production. Prior to IDEX Biometrics, Mr. D’Antilio spent eight years with MKS Instruments, a global supplier of equipment and services to the semiconductor and industrial markets and held a number of senior positions including that of Vice President and Corporate Controller, where he oversaw global accounting and reporting, FP&A, and treasury. Earlier in his career, Mr. D’Antilio was a CPA in Public Accountancy and was Director of Audit at PwC. Mr. D’Antilio holds a BSBA in Accounting from Salem State University and an MBA from Babson College.
“Derek has the right mix of business acumen and expertise to continue where Paul left off and help us reach new heights in terms of financial goals and long-term goals,” said Ravi Vig, President and CEO of Allegro. “We expect him to hit the ground while running.”
“I am delighted and honored to join Allegro at this important stage in the company’s journey to deliver innovative technologies for a safer and more sustainable future. Paul and the Allegro finance team have built a high performing finance function, and I look forward to continuing the good work with the team to execute our strategies and deliver value to our shareholders, ”commented Mr. D ‘Antilio.
Mr. Walsh joined the company in 2014, has a long history in the industry, and has helped strengthen the financial discipline and discipline of the company, ultimately supporting a successful IPO in October 2020.
“Paul was instrumental in guiding and supporting our strategic transformation which is now paying off in terms of record growth and profitability,” continued Mr. Vig. “Paul has been a great partner to me as we have led Allegro through our journey to become a successful public company. I fully support his decision to retire and wish him the best as he begins his next chapter. He leaves us with a solid financial foundation and a commitment to strong business fundamentals that will be a lasting legacy for Allegro. “
“Being on the staff of Allegro and seeing our goal of becoming a public company fulfilled has been the satisfying culmination of my years as CFO. I couldn’t be more proud of this team for all we’ve accomplished, ”said Paul Walsh. “As I look forward to my retirement, I have great faith in Allegro and Derek. I think they have all the right ingredients to continue to achieve the strategic goals of the company.
About Allegro MicroSystems
Allegro MicroSystems is a leading global designer, developer, manufacturer and distributor of application-specific sensor integrated circuits (“ICs”) and analog power supply integrated circuits enabling emerging technologies in the automotive and automotive markets. industry. Allegro’s diverse product portfolio provides efficient and reliable solutions for vehicle electrification, automotive ADAS safety functions, automation for Industry 4.0 and energy saving technologies for data centers and green energy applications.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that do not relate to historical facts should be considered as forward-looking statements. In some cases, you may identify forward-looking statements by words such as “anticipate”, “believe”, “future”, “expect”, “should”, “plan”, “intend”, ” estimate “,” may, “” will “,” would “,” should “,” could “, or the negative of it and similar words and phrases.
Forward-looking statements are based on management’s current expectations, beliefs and assumptions and on information currently available to us. These 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 forward-looking statements due to various important factors, including, but not limited to be limited to: slowdowns or volatility in general economic conditions, including due to the COVID-19 pandemic, in particular in the automotive market; our ability to compete effectively, expand our market share and increase our net sales and profitability; our ability to offset decreases in the average selling prices of our products; the cyclical nature of the analog semiconductor industry; changes in our product line or our customer base, which could have a negative impact on our gross margin; our ability to deal with any sustained performance issues or other delays in our third-party wafer manufacturing facilities or in the final assembly and testing of our products; any disruption in our primary third-party wafer manufacturing facilities; our ability to take full advantage of the benefits of past and potential future initiatives designed to improve our competitiveness, growth and profitability; our ability to accurately predict our net sales and quarterly operating results; our ability to adjust the volume of our supply chain to accommodate changing market conditions and customer demand; our dependence on a limited number of third-party wafer manufacturing facilities and suppliers of other materials; our reliance on manufacturing operations in the Philippines; our dependence 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 customer quality requirements; uncertainties associated with the winning design process and our ability to recover design and development expenses and 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 market our products without infringing the intellectual property rights of others; disruptions or violations of our computer systems; risks related to government regulations and other legal obligations, including confidentiality, data protection, information security, consumer protection, environmental and occupational health and safety, combating corruption and bribes and trade controls; our dependence on international customers and operations; the availability of discounts, tax credits and other financial incentives on end-user demands for certain products; the volatility of exchange rates; risks associated with acquisitions 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 retain key and highly qualified personnel; changes in tax rates or the adoption of new tax legislation; risks associated with litigation, including securities class actions; and our ability to accurately estimate market opportunities and growth forecasts; and other important factors discussed under “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on May 19, 2021, as these factors may be out of date. sometimes. in our other SEC filings, which are available on the SEC’s website at www.sec.gov and on the Investor Relations 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 intend to publicly update or revise any forward-looking statements contained herein, as this either as a result of new information, future events, changes in circumstances or otherwise.
Contact: Katherine Blye Senior Director, Investor Relations and Marcom Phone: +1 603 626-2306 [email protected]