Power Integrations names Jennifer Lloyd as new CEO

SAN JOSÉ, Calif. - Power Integrations (NASDAQ:POWI), a $3.19 billion market cap manufacturer of high-voltage integrated circuits with a FAIR financial health rating according to InvestingPro, announced Monday that Jennifer A. Lloyd, PhD will become its next chief executive officer effective July 21, replacing Balu Balakrishnan who has led the company since 2002.

Lloyd, who previously served on Power Integrations’ board of directors, has been reappointed to the board alongside her new executive role. She joins from Analog Devices, Inc., where she most recently served as corporate vice president leading the company’s multi-market power business unit. The company currently trades at premium valuation multiples, with InvestingPro analysis showing high EBIT and EBITDA multiples relative to peers.

During her 28-year career at Analog Devices, Lloyd held various senior engineering and business positions, including leadership of the precision franchise and healthcare and consumer unit. She managed multiple businesses exceeding $1 billion in revenue across various technologies and markets.

Balakrishnan will serve as executive chairman for approximately six months to facilitate the leadership transition before remaining as a non-executive board member. Bala Iyer will continue as lead independent director.

"We are thrilled that Jen Lloyd will be our next CEO," Balakrishnan said in a press release statement. "Her deep knowledge of power products and technologies and her familiarity with our company will allow her to hit the ground running."

Lloyd holds doctoral, master’s and bachelor’s degrees in electrical engineering and computer science from the Massachusetts Institute of Technology. She has authored numerous technical papers, holds eight U.S. patents, and has been active in IEEE technical program committees.

"I am delighted to join Power Integrations as CEO," Lloyd stated. "The company has tremendous growth opportunities in markets like automotive, datacenter, renewable energy, grid modernization and many more." The company’s strong financial foundation supports these growth initiatives, with analysts expecting profit growth this year and maintaining a solid balance sheet with more cash than debt. Get deeper insights into Power Integrations’ growth prospects and 10+ additional ProTips with InvestingPro’s comprehensive research report.

In other recent news, Power Integrations Inc. reported its first-quarter 2024 earnings, showcasing an EPS of $0.31, which exceeded analyst projections of $0.28. The company’s revenue for the quarter amounted to $106 million, reflecting a 15% increase compared to the previous year. Additionally, Power Integrations forecasts revenue of $115 million, plus or minus $5 million, for the second quarter of 2024. In a separate development, Power Integrations held its Annual Meeting of Stockholders, where shareholders elected eight nominees to the Board of Directors and approved several key proposals. Among these, an amendment to eliminate supermajority voting requirements and another to increase the maximum value of equity awards for non-employee directors were passed. The appointment of Deloitte & Touche LLP as the independent public accounting firm for the fiscal year ending December 31, 2025, was also ratified. Furthermore, Power Integrations’ executive compensation was approved on an advisory basis. These developments reflect the company’s strategic direction and financial performance as endorsed by its investors.

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