Navitas Semiconductor Announces Corporate Governance Enhancements
Navitas Semiconductor (NVTS) has announced significant corporate governance changes to enhance stockholder value. Richard Hendrix, an independent director since 2021, has been appointed as Board Chair, replacing CEO Gene Sheridan who remains on the board and continues as CEO.
The company has formed an Executive Steering Committee focused on expense management, product roadmap acceleration, go-to-market strategies, and executive appointments. The committee will be chaired by Dr. Ranbir Singh, with Richard Hendrix and David Moxam as members.
In another key change, Daniel Kinzer, co-founder and CTO/COO, has stepped down from his executive roles and board position but will continue as an advisor for GaN technology. The board plans to appoint a new independent director for election as a Class I director at the 2025 annual stockholders' meeting.
Navitas Semiconductor (NVTS) ha annunciato importanti cambiamenti nella governance aziendale per aumentare il valore per gli azionisti. Richard Hendrix, direttore indipendente dal 2021, è stato nominato Presidente del Consiglio, sostituendo il CEO Gene Sheridan, che rimane nel consiglio e continua nel ruolo di CEO.
L'azienda ha istituito un Comitato Direttivo Esecutivo dedicato alla gestione delle spese, all'accelerazione della roadmap dei prodotti, alle strategie di go-to-market e alle nomine esecutive. Il comitato sarà presieduto dal Dr. Ranbir Singh, con Richard Hendrix e David Moxam come membri.
In un altro cambiamento importante, Daniel Kinzer, co-fondatore e CTO/COO, ha lasciato i suoi ruoli esecutivi e la posizione nel consiglio, ma continuerà come consulente per la tecnologia GaN. Il consiglio prevede di nominare un nuovo direttore indipendente da eleggere come direttore di Classe I durante l'assemblea annuale degli azionisti del 2025.
Navitas Semiconductor (NVTS) ha anunciado cambios significativos en la gobernanza corporativa para aumentar el valor para los accionistas. Richard Hendrix, director independiente desde 2021, ha sido nombrado presidente de la junta, reemplazando al CEO Gene Sheridan, quien permanece en la junta y continúa como CEO.
La empresa ha formado un Comité Directivo Ejecutivo enfocado en la gestión de gastos, la aceleración de la hoja de ruta de productos, las estrategias de salida al mercado y los nombramientos ejecutivos. El comité estará presidido por el Dr. Ranbir Singh, con Richard Hendrix y David Moxam como miembros.
En otro cambio clave, Daniel Kinzer, cofundador y CTO/COO, ha renunciado a sus cargos ejecutivos y a su posición en la junta, pero continuará como asesor en tecnología GaN. La junta planea nombrar un nuevo director independiente para ser elegido como director de Clase I en la reunión anual de accionistas de 2025.
Navitas Semiconductor (NVTS)는 주주 가치를 높이기 위해 중요한 기업 지배구조 변화를 발표했습니다. 2021년부터 독립 이사로 활동해 온 리처드 헨드릭스가 이사회 의장으로 임명되었으며, CEO인 진 셰리던은 이사회에 남아 CEO 직책을 계속 유지합니다.
회사는 비용 관리, 제품 로드맵 가속화, 시장 진출 전략, 임원 임명을 중점으로 하는 경영진 운영 위원회를 구성했습니다. 이 위원회는 란비르 싱 박사가 의장을 맡고, 리처드 헨드릭스와 데이비드 모잠이 위원으로 참여합니다.
또 다른 주요 변화로, 공동 창립자이자 CTO/COO인 다니엘 킨저가 경영진 직책과 이사회 자리에서 물러나지만 GaN 기술 고문으로 계속 활동할 예정입니다. 이사회는 2025년 연례 주주총회에서 클래스 I 이사로 선출될 새로운 독립 이사를 임명할 계획입니다.
Navitas Semiconductor (NVTS) a annoncé d'importants changements en matière de gouvernance d'entreprise afin d'accroître la valeur pour les actionnaires. Richard Hendrix, administrateur indépendant depuis 2021, a été nommé président du conseil d'administration, remplaçant le PDG Gene Sheridan qui reste au conseil et continue d'exercer ses fonctions de PDG.
L'entreprise a créé un Comité de Pilotage Exécutif axé sur la gestion des dépenses, l'accélération de la feuille de route produit, les stratégies de mise sur le marché et les nominations exécutives. Ce comité sera présidé par le Dr Ranbir Singh, avec Richard Hendrix et David Moxam comme membres.
Dans un autre changement majeur, Daniel Kinzer, cofondateur et CTO/COO, a démissionné de ses fonctions exécutives et de son poste au conseil, mais continuera en tant que conseiller pour la technologie GaN. Le conseil prévoit de nommer un nouveau directeur indépendant qui sera élu en tant que directeur de Classe I lors de l'assemblée générale annuelle des actionnaires de 2025.
Navitas Semiconductor (NVTS) hat bedeutende Änderungen in der Unternehmensführung angekündigt, um den Aktionärswert zu steigern. Richard Hendrix, unabhängiges Vorstandsmitglied seit 2021, wurde zum Vorstandsvorsitzenden ernannt und ersetzt damit CEO Gene Sheridan, der weiterhin im Vorstand bleibt und als CEO tätig ist.
Das Unternehmen hat ein Executive Steering Committee eingerichtet, das sich auf Kostenmanagement, Beschleunigung der Produkt-Roadmap, Go-to-Market-Strategien und Ernennungen im Management konzentriert. Der Ausschuss wird von Dr. Ranbir Singh geleitet, mit Richard Hendrix und David Moxam als Mitgliedern.
In einer weiteren wichtigen Änderung hat Daniel Kinzer, Mitbegründer und CTO/COO, seine Führungspositionen und seinen Vorstandssitz niedergelegt, wird jedoch weiterhin als Berater für GaN-Technologie tätig sein. Der Vorstand plant, einen neuen unabhängigen Direktor zu ernennen, der auf der Hauptversammlung 2025 als Direktor der Klasse I gewählt werden soll.
- Formation of Executive Steering Committee to enhance operational efficiency and profitability
- Strengthened corporate governance with independent Board Chair appointment
- Planned addition of new independent director enhancing board independence
- Departure of key executive Daniel Kinzer from CTO/COO positions
- Need for accelerated path to profitability suggests current profitability challenges
Insights
Navitas strengthens governance by separating CEO/Chair roles and forming strategic committee, while co-founder exits amid apparent shareholder pressure.
Navitas Semiconductor has implemented several significant governance changes that reflect contemporary best practices but also hint at underlying operational concerns. The separation of the CEO and Board Chair roles—with independent director Richard Hendrix replacing CEO Gene Sheridan as Chair—represents a fundamental governance improvement that enhances independent oversight and accountability.
The departure of co-founder Daniel Kinzer from his executive roles (CTO/COO) and board position is notable, particularly as he'll remain only in an advisory capacity for GaN technology. This transition signals a potential shift in technical leadership during a critical growth phase for the company.
Most telling is the formation of an Executive Steering Committee with specific mandates focused on:
- Expense management and accelerating profitability
- Product and technology roadmap acceleration
- Go-to-market strategy enhancement
- Executive appointments
The committee's explicit focus on expense management and profitability suggests financial performance concerns requiring more structured board oversight. Additionally, the disclosed "cooperation agreement" with Dr. Singh following "constructive engagement" indicates the company has likely responded to shareholder pressure, potentially heading off more aggressive activist intervention.
While these governance enhancements align with best practices and may strengthen long-term oversight, they also reveal a company implementing reactive changes rather than operating from a position of strength. The governance restructuring creates a more independent board structure but simultaneously signals underlying challenges that necessitated these changes.
Richard Hendrix Appointed Chair of the Board
Executive Steering Committee Formed to Advance Growth Strategy
TORRANCE, Calif., April 24, 2025 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the only pure-play, next-generation power semiconductor company and industry leader in gallium nitride (GaN) power ICs and silicon carbide (SiC) technology, today 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.
Forward-Looking Statements
Statements and information in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act. Forward-looking statements may be identified by the use of words such as “we expect” or “are expected to be,” “estimate,” “plan,” “project,” “forecast,” “intend,” “anticipate,” “believe,” “seek,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and expectations.
The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from the events or results predicted or implied by our forward-looking statement include those risk factors discussed in our filings with the SEC, including those disclosed under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024 and subsequent quarterly reports. Navitas may elect to update these forward-looking statements at some point in the future, but specifically disclaims any obligation to do so.
About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the only pure-play, next-generation power-semiconductor company, celebrating 10 years of power innovation, founded in 2014. GaNFast™ power ICs integrate gallium nitride (GaN) power and drive, with control, sensing, and protection to enable faster charging, higher power density, and greater energy savings. Complementary GeneSiC™ power devices are optimized high-power, high-voltage, and high-reliability silicon carbide (SiC) solutions. Focus markets include data centers, EV, solar, energy storage, home appliance / industrial, mobile, and consumer. Over 300 Navitas patents are issued or pending. Navitas was the world’s first semiconductor company to be CarbonNeutral®-certified.
Navitas, GaNFast, GaNSense, GaNSafe, GeneSiC and the Navitas and GeneSiC logos are trademarks or registered trademarks of Navitas Semiconductor Limited or affiliates. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Contact Information
Lori Barker
The Blueshirt Group
ir@navitassemi.com
FAQ
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