Day: 25 April 2025

Navitas Semiconductor announced actions by its board of directors to advance the company’s growth strategy. These corporate governance enhancements reflect the board’s ongoing commitment to stockholder engagement and value creation for all Navitas stakeholders.

“We have taken an important step forward by strengthening our corporate governance and further aligning the board’s interests with those of our stockholders,” said Gene Sheridan, Navitas’ chief executive officer and co-founder. “We are confident that we have the right strategy in place to continue delivering disruptive advancements in our target markets. With the updates announced today, our board and leadership team are well positioned to capitalize on Navitas’ multi-billion dollar market opportunities and generate value.”

Board and Leadership Updates

Navitas’ board has appointed Richard Hendrix as its chair, effective immediately. Mr. Hendrix joined Navitas’ board as an independent director in 2021 and is chair of the audit committee and a member of the compensation committee. He has more than 30 years of capital markets leadership and advisory experience. He succeeds Mr. Sheridan, who will remain on the board as a director and continue as Navitas’ chief executive officer.

“I am honored to chair Navitas’ board as we work to advance our strategy and continue to enable a revolution in power electronics. Our board remains committed to maintaining strong corporate governance and creating value for our stockholders,” said Mr. Hendrix.

Daniel Kinzer, Navitas’ chief technology officer, chief operating officer and co-founder, has resigned from his executive roles and as a member of the board. Mr. Kinzer will continue to serve in an advisory role supporting technology and product innovation in the area of GaN technology.

Mr. Hendrix continued, “On behalf of the Board, I would like to thank Dan for his invaluable vision and leadership in building Navitas into the only pure-play, next-generation power semiconductor company. We appreciate his continued contributions as we embark on this next chapter of the company’s growth.”

In connection with Mr. Kinzer’s departure from the board, the board intends to appoint an independent director to stand for election as a Class I director at the 2025 annual stockholders’ meeting, along with Mr. Sheridan and Ranbir Singh. Additional details will be provided in the Company’s definitive proxy statement for the meeting to be filed with the U.S. Securities and Exchange Commission (SEC).

Formation of Executive Steering Committee

Navitas also announced the formation of an executive steering committee of the board, which will be responsible for a number of initiatives that include oversight and input on:

• Expense management and defining an accelerated path to profitability;
• Acceleration of the company’s product and technology roadmap;
• Enhancement of the company’s go-to-market and partnership strategies; and
• Appointment of operating, sales and technology executives.

The committee will work closely with Mr. Sheridan to ensure the effective execution of these strategic priorities. The committee will be chaired by Dr. Singh and include Mr. Hendrix and David Moxam, chair of the compensation committee and a member of the audit committee, as members.

In connection with the actions announced today, the company has entered into a cooperation agreement with Dr. Singh following constructive engagement. Details of the agreement will be provided in forthcoming SEC filings.

Original – Navitas Semiconductor