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MANCHESTER, N.H. - Allegro MicroSystems, Inc. (NASDAQ:ALGM), a prominent player in the Semiconductors industry with annual revenue of $962.71 million, today announced the appointment of Rick Madormo as the new Senior Vice President of Worldwide Sales, effective March 24, 2025. According to InvestingPro data, the company has shown strong momentum with a 23.41% return over the past six months. Madormo will succeed Max Glover, who is set to transition to an advisory role before his departure on May 16, 2025.
Rick Madormo brings over 25 years of experience in the semiconductor industry to his new role at Allegro. His previous position was as Senior Vice President of Global Sales and Marketing at Wolfspeed, where he led a team to achieve record sales and played a key role in the company’s pivot from LED lighting to a Silicon Carbide leader. Madormo’s career also includes a stint as Vice President of Americas Sales at Intel and various leadership roles at Altera. He holds a B.S. in electrical engineering technology from The University of Akron.
The appointment comes at a time when Allegro is focusing on growth within the e-Mobility and industrial markets. Trading at an attractive P/E ratio of 4.61, the company maintains a healthy financial position with a current ratio of 2.37. "His semiconductor industry background aligns perfectly with our strategic focus on driving growth across the e-Mobility and industrial markets," said Mike Doogue, President and Chief Executive Officer of Allegro. InvestingPro analysis reveals 12 additional key insights about Allegro’s market position and growth potential. Doogue also expressed confidence in Madormo’s ability to drive revenue growth and acknowledged Max Glover’s significant contributions to the company, which included expanding the sales teams to access market-leading customers and achieving record sales.
Madormo expressed enthusiasm about his new position, highlighting Allegro’s strong position in sensing and power technologies and their relevance to the trends of electrification and automation. "I am eager to collaborate with the team to leverage our strengths, drive exceptional customer value and achieve continued sales growth," he said.
This leadership change is part of Allegro’s ongoing efforts to enhance efficiency, performance, and sustainability in automotive, clean energy, and industrial automation sectors. Operating with a moderate debt-to-equity ratio of 0.41, the company maintains strong financial flexibility while emphasizing its commitment to quality and its role as a pioneer in "automotive grade" technology. Based on InvestingPro’s Fair Value analysis, the stock currently appears fairly valued in the market.
The information in this article is based on a press release statement from Allegro MicroSystems, Inc.
In other recent news, Allegro MicroSystems has made several key announcements impacting its operations and leadership. The company rejected an unsolicited acquisition proposal from onsemi, which offered $35.10 per share in cash. Allegro’s Board of Directors, after consulting with financial and legal advisors, deemed the proposal inadequate. In a leadership change, Allegro appointed Mike Doogue as the new President and CEO. Doogue, who has been with the company for 27 years, succeeds Vineet Nargolwala and brings a wealth of experience in technology development and global operations.
Additionally, Allegro expanded its Board of Directors by appointing Dr. Krishna Palepu as an independent director. Dr. Palepu, a Harvard Business School professor, is recognized for his expertise in strategy, governance, and emerging markets. Allegro’s Chairman, Yoshihiro ’Zen’ Suzuki, expressed confidence that Dr. Palepu’s insights will be valuable as the company navigates international business complexities. These developments reflect Allegro’s strategic focus on enhancing its leadership and governance as it continues to pursue growth in its core markets.
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