Allegro backs new CEO as it faces onsemi bid
Allegro MicroSystems board is backing its newly appointed a new CEO as it faces a hostile takeover bid from onsemi.
Mike Doogue, a 27 year veteran of the company, is replacing Vineet Nargolwala, who is stepping down as President and Chief Executive Officer and as a member of the Board after three years in the role.
Doogue was appointed at the end of February and the details of bids from onsemi since last September went public last week. The comments from the Allegro board seems to be favouring staying independent.
“The leadership transition we are announcing today represents the culmination of a long-term and thoughtful succession planning process led by our Board. Allegro is extending its technology leadership position and is poised to capitalize on the catalysts for growth across the auto and industrial markets,” said Joseph Martin, Lead Independent Director of the Board of Directors at Allegro.
Doogue was the first Chief Technology Officer (CTO) at Allegro, leading technology development and worldwide operations, which includes manufacturing, procurement, and quality, having previously served as Senior Vice President of Technology and Products, which included direct oversight of each of the company’s business units. He personally holds 75 semiconductor-related US patents.
“Mike has been instrumental in shaping our strategy, developing our technology roadmap and creating new, innovative products that drive customer value, and we are confident that he is the right person to drive Allegro to the next level,” said Martin. “His deep knowledge of our business, leadership experience, and vision for the future will help drive Allegro’s success.”
“I am grateful for the opportunity to lead this incredible company,” said Doogue. “Throughout my 27 years at Allegro, I have gained a deep appreciation of the quality of talent across the organization and the Company’s unwavering commitment to “innovation with purpose.” I have spent my career shaping our unique value proposition and competitive advantages, creating significant opportunities moving forward. I am very excited to work closely with Allegro’s talented team to continue driving our technology leadership, advancing our innovation efforts, strengthening our relationship with key customers and delivering strong financial performance. I’d also like to personally thank Vineet as a colleague and for his accomplishments during his tenure with the company.”
“It has been a privilege to serve as Allegro’s CEO for nearly three years, and I am thankful to our dedicated teams around the globe for their support, collaboration and terrific contributions. I have worked closely with Mike, and I am confident that under his leadership, Allegro is well-positioned for the future,” said Nargolwala.
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