Vishay Intertechnology Announces CEO Retirement and Succession Plan
February 22 2022 - 4:05PM
Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's
largest manufacturers of discrete semiconductors and passive
electronic components, announced that Dr. Gerald Paul has decided
to retire as President and Chief Executive Officer and as a member
of the Board of Directors on December 31, 2022. The Board of
Directors has appointed Joel Smejkal, Executive Vice President,
Corporate Business Development, to succeed Dr. Paul as President
and Chief Executive Officer. The Board also intends to
appoint Mr. Smejkal to the Board of Directors, effective upon Dr.
Paul’s retirement. In addition, the Board has appointed
Jeff Webster, Executive Vice President, Business Head Passive
Components, to the newly created position of Chief Operating
Officer, reporting to the Chief Executive Officer. Both Messrs.
Smejkal and Webster will assume their new roles on January 1,
2023.
“On behalf of the Board, I want to thank Gerald for his
exemplary commitment to Vishay over the course of his 44-year
career at the Company and, as CEO since 2005, his outstanding
stewardship of Vishay’s financial stability and market leadership
positions. We are very grateful for his service and wish him the
best in his retirement,” said Marc Zandman, Executive Chair of the
Board.
In anticipation of Dr. Paul’s eventual retirement, the Board’s
independent Nominating and Corporate Governance Committee, in
conjunction with the Board of the Directors, has been engaged in
succession planning for some time to ensure a smooth evolution of
Vishay’s strategic priorities. Both Mr. Smejkal and Mr. Webster are
veteran executives at Vishay who were promoted to their current
positions in 2020. Commenting on their new appointments, Mr.
Zandman added, “Joel possesses the right combination of attributes
to assume the reins of the Company: extensive experience in
engineering, marketing, operations, and sales gained over the past
32 years at Vishay; proven leadership skills; and, more recently,
involvement in developing the Company’s growth strategies. In
creating a Chief Operating Officer position at Vishay, the Board
will be leveraging Jeff’s deep knowledge of Vishay’s global
operations and accomplishments as head of our passive components
business. The Board is confident that the promotions of these two
executives will serve Vishay well as it enters the next chapter in
its 60-plus year history.”
Commented Dr. Paul, “Having enjoyed a rewarding career at
Vishay, I have informed the Board of my decision to retire at the
end of the year and begin preparing for a change in leadership at
the Company. It has been a privilege to serve as the Company’s
Chief Executive Officer and I want to thank our customers,
partners, employees, stockholders, and the Board for their support
over the past 17 years. I wish to congratulate Joel and Jeff on
their appointments and look forward to working with them for the
balance of the year on an orderly transition of executive
responsibilities. Under their leadership, I am confident Vishay
will continue to thrive.”
Joel Smejkal has served as Executive Vice
President, Corporate Business Development since July 1, 2020. He
has held various positions of increasing responsibility since
joining Vishay in 1990, including Executive Vice President,
Business Head Passive Components and Senior Vice President Global
Distribution Sales. His experience with Vishay includes worldwide
and divisional leadership roles in engineering, marketing,
operations, and sales.
Jeff Webster has served as Executive Vice
President, Business Head Passive Components since July 1, 2020. He
has held various positions of increasing responsibility since
joining Vishay in 2000 including Senior Vice President Global
Quality and Vice President Global Quality - Actives.
About Vishay
Vishay manufactures one of the world’s largest
portfolios of discrete semiconductors and passive electronic
components that are essential to innovative designs in the
automotive, industrial, computing, consumer, telecommunications,
military, aerospace, and medical markets. Serving customers
worldwide, Vishay is The DNA of tech.™ Vishay
Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE
(VSH). More on Vishay at www.Vishay.com.
Statements contained herein that relate to the
Company's executive leadership, succession planning and composition
of the Board of Directors are forward-looking statements within the
safe harbor provisions of Private Securities Litigation Reform Act
of 1995. Words such as "will be," "will," "plan," “assume,”
"intend," or other similar words or expressions often identify
forward-looking statements. Such statements are based on current
expectations only, and are subject to certain risks, uncertainties
and assumptions, many of which are beyond our control. Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results,
performance, or achievements may vary materially from those
anticipated, estimated or projected. Among the factors that could
cause actual results to materially differ include: general business
and economic conditions; manufacturing or supply chain
interruptions or changes in customer demand because of COVID-19 or
otherwise; delays or difficulties in implementing our cost
reduction strategies; delays or difficulties in expanding our
manufacturing capacities; an inability to attract and retain highly
qualified personnel; changes in foreign currency exchange rates;
uncertainty related to the effects of changes in foreign currency
exchange rates; competition and technological changes in our
industries; difficulties in new product development; difficulties
in identifying suitable acquisition candidates, consummating a
transaction on terms which we consider acceptable, and integration
and performance of acquired businesses; changes in U.S. and foreign
trade regulations and tariffs, and uncertainty regarding the same;
changes in applicable domestic and foreign tax regulations, and
uncertainty regarding the same; changes in applicable accounting
standards and other factors affecting our operations that are set
forth in our filings with the Securities and Exchange Commission,
including our annual reports on Form 10-K and our quarterly reports
on Form 10-Q. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
The DNA of tech ™ is a
trademark of Vishay Intertechnology.
Contact:Vishay Intertechnology, Inc.Peter
HenriciSenior Vice President, Corporate
Communications+1-610-644-1300
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