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SAN JOSÉ, Calif. - Power Integrations (NASDAQ:POWI), a $2.4 billion market cap semiconductor company with strong financial fundamentals, announced Monday that Chief Financial Officer Sandeep Nayyar will leave the company effective October 4 to pursue a new opportunity. Nayyar has served as CFO since 2010, overseeing a period where the company maintained a robust balance sheet with more cash than debt.
Eric Verity, senior director of finance, will serve as interim CFO while the company conducts a search for a permanent replacement. The semiconductor company also reaffirmed its third-quarter financial outlook that was provided on August 6.
"Sandeep has played a vital role on our senior leadership team over the past 15 years," said Jennifer Lloyd, president and CEO of Power Integrations. "Thanks to his expert stewardship, Power Integrations has a strong financial foundation to build upon as we execute our growth strategy."
Nayyar expressed pride in the accomplishments of the finance and HR teams during his tenure and confidence in the company’s financial position moving forward.
"As I begin the next chapter of my career, I leave knowing that Power Integrations is on very solid financial footing, with an extremely capable new leader in Jen Lloyd," Nayyar stated.
Power Integrations develops semiconductor technologies for high-voltage power-conversion used in renewable energy generation and power applications ranging from milliwatts to megawatts.
The information in this article is based on a company press release statement.
In other recent news, Power Integrations reported its financial results for the second quarter of 2025, revealing a mixed performance. The company missed earnings per share (EPS) estimates, posting $0.35 compared to the forecasted $0.36, a slight 2.78% miss. However, Power Integrations exceeded revenue expectations with $116 million, surpassing the anticipated $115.02 million and achieving a 9% increase from the previous year. Despite the revenue growth, Benchmark has adjusted its outlook on the company, lowering the price target from $70.00 to $55.00 while maintaining a Buy rating. This adjustment comes amid concerns over macroeconomic and tariff-related challenges, particularly affecting the consumer appliance sector. The research firm noted that these headwinds are impacting the company’s guidance, despite its strong top-line growth, margin resilience, and robust cash generation. These developments provide investors with a nuanced view of Power Integrations’ current financial and market standing.
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