Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM) a global
leader in power and sensing semiconductor solutions for motion
control and energy-efficient systems, today announced the
appointment of Jennie Raubacher to Allegro’s Board of
Directors (“Board”) as an independent director. Ms. Raubacher’s
appointment is effective on April 3, 2024.
Jennie Raubacher joins Allegro’s Board with over 25 years of
experience in investment banking focused on the semiconductor,
technology and telecom sectors where she has advised global C-suite
executives and boards of directors on strategic and financing
transactions. Ms. Raubacher served as Managing Director at Wells
Fargo & Company (“Wells Fargo”) where she led the firm’s global
semiconductor and electronics investment banking practice from 2011
until March 2024. Prior to Wells Fargo, she was an investment
banker focused on the technology, media and telecom sectors at
Lehman Brothers Inc. and Barclays Capital Inc. (following its
acquisition of Lehman Brothers). Ms. Raubacher also serves on the
Women’s Leadership Council of the Global Semiconductor
Alliance.
“I have had the privilege of first working with Jennie nearly
two decades ago. We are grateful for her sustained interest in
Allegro and delighted to welcome Jennie to Allegro’s Board,” said
Yoshihiro “Zen” Suzuki, Chairman of the Board. “Jennie’s extensive
semiconductor industry experience as an investment banker advising
global C-suite executives and boards of directors on strategic and
financing transactions makes her a valuable addition. We look
forward to benefitting from Jennie’s insight as we continue to
innovate solutions for our target markets, including e-Mobility,
Clean Energy and Automation, and execute on our strategy focused on
the mega trends of electrification and automation.”
“I have known Allegro MicroSystems for two decades and helped
execute its IPO. It is an exciting time to join Allegro’s Board,
and I am honored to be appointed,” said Jennie Raubacher. “I look
forward to working closely with Allegro’s directors and management
team to help oversee execution of the company’s strategy, leverage
my expertise in capital allocation and value creation
opportunities, and enable the company to continue its strong
progress.”
Ms. Raubacher holds a Bachelor of Arts degree in Government from
Harvard University and a Master of Business Administration degree
from Stanford University.
About Allegro MicroSystemsAllegro MicroSystems
is a leading global designer, developer, fabless manufacturer and
marketer of sensor integrated circuits (“ICs”) and
application-specific analog power ICs enabling emerging
technologies in the automotive and industrial markets. Allegro’s
diverse product portfolio provides efficient and reliable solutions
for the electrification of vehicles, automotive ADAS safety
features, automation for Industry 4.0 and power-saving technologies
for data centers and green energy applications. For additional
information, please visit https://www.allegromicro.com/en/.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts contained in this press release
should be considered forward-looking statements. These statements
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. In some cases, you can identify
forward-looking statements by terms such as “aim,” “may,” “will,”
“should,” “expect,” “exploring,” “plan,” “anticipate,” “could,”
“intend,” “target,” “project,” “would,” “contemplate,” “believe,”
“estimate,” “predict,” “potential,” “seek,” or “continue,” or the
negative of these terms or other similar words and expressions,
although not all forward-looking statements contain these words. No
forward-looking statement is a guarantee of future results,
performance or achievements, and one should avoid placing undue
reliance on such statements.
Forward-looking statements are based on management’s current
expectations, beliefs and assumptions and on information currently
available to us. Such beliefs and assumptions may or may not prove
to be correct. Additionally, such forward-looking 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 the forward-looking statements due to
various factors, including, but not limited to, those identified in
Part II, Item 7. “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” and Part I, Item 1A. “Risk
Factors” in our Annual Report on Form 10-K for the year ended March
31, 2023, as updated in Part II, Item 1A “Risk Factors” of our
Quarterly Report on Form 10-Q for the quarterly period ended
September 29, 2023, filed with the SEC on November 6, 2023. These
risks and uncertainties include, but are not limited to: downturns
or volatility in general economic conditions; our ability to
compete effectively, expand our market share and increase our net
sales and profitability; our reliance on a limited number of
third-party semiconductor wafer fabrication facilities and
suppliers of other materials; our failure to adjust purchase
commitments and inventory management based on changing market
conditions or customer demand; shifts in our product mix or
customer mix, which could negatively impact our gross margin; the
risk that the expected benefits of acquisitions may not be realized
or that integration of acquired businesses may not continue as
rapidly as we anticipate; the cyclical nature of the analog
semiconductor industry; any downturn or disruption in the
automotive market; our ability to compensate for decreases in
average selling prices of our products and increases in input
costs; our ability to manage any sustained yield problems or other
delays at our third-party wafer fabrication facilities or in the
final assembly and test of our products; our ability to accurately
predict our quarterly net sales and operating results; our ability
to adjust our supply chain volume to account for changing market
conditions and customer demand; our dependence on manufacturing
operations in the Philippines; our reliance on distributors to
generate sales; the effects of COVID-19 on our supply chain and
customer demand; our ability to develop new product features or new
products in a timely and cost-effective manner; our ability to
manage growth; any slowdown in the growth of our end markets; the
loss of one or more significant customers; our ability to meet
customers’ quality requirements; uncertainties related to the
design win process and our ability to recover design and
development expenses and to generate timely or sufficient net sales
or margins; changes in government trade policies, including the
imposition of export restrictions and tariffs; our exposures to
warranty claims, product liability claims and product recalls; our
dependence on international customers and operations; the
availability of rebates, tax credits and other financial incentives
on end-user demands for certain products; risks, liabilities, costs
and obligations related to governmental regulation and other legal
obligations, including export control, privacy, data protection,
information security, consumer protection, environmental and
occupational health and safety, anti-corruption and anti-bribery,
and trade controls; the volatility of currency exchange rates; our
ability to raise capital to support our growth strategy; our
indebtedness may limit our flexibility to operate our business; our
ability to effectively manage our growth and retain key and highly
skilled personnel; our ability to protect our proprietary
technology and inventions through patents or trade secrets; our
ability to commercialize our products without infringing
third-party intellectual property rights; disruptions or breaches
of our information technology systems or those of our third-party
service providers; our principal stockholders have substantial
control over us; the inapplicability of the “corporate opportunity”
doctrine to any director or stockholder who is not employed by us;
anti-takeover provisions in our organizational documents and under
the General Corporation Law of the State of Delaware; our inability
to design, implement or maintain effective internal control over
financial reporting; changes in tax rates or the adoption of new
tax legislation; the negative impacts of sustained inflation on our
business; disruptions in the banking and financial sector that
limit our or our partners’ ability to access capital and
borrowings; the physical, transition and litigation risks presented
by climate change; and other events beyond our control. Moreover,
we operate in an evolving environment. New risk factors and
uncertainties may emerge from time to time, and it is not possible
for management to predict all risk factors and uncertainties. Our
risk factors may be updated or supplemented from time to time in
our other filings with the Securities and Exchange Commission
(“SEC”), which are accessible on the SEC’s website
at www.sec.gov and the Investors Relations page of our
website at investors.allegromicro.com.
You should read this press release with the understanding that
our actual future results may be materially different from what we
expect. We qualify all of our forward-looking statements by these
cautionary statements. All forward-looking statements speak only as
of the date of this press release and, except as required by
applicable law, we do not plan to publicly update or revise any
forward-looking statements contained herein, whether as a result of
any new information, future events, changed circumstances or
otherwise.
Media ContactTyler WeilandShelton
Group+1-972-571-7834tweiland@sheltongroup.com
Allegro Contact Jalene HooverVP of Investor
Relations & Corporate
Communicationsjhoover@allegromicro.com
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