Vishay Intertechnology Appoints New Executive Officers for 2023 Term

Vishay Intertechnology

MALVERN, PA — Vishay Intertechnology, Inc., (NYSE: VSH) announced that, as part of the Board of Directors’ executive transition plan, three executive officers will leave the Company effective December 31, 2022, and two new executive officers have been appointed, effective January 1, 2023. In addition, the Board’s independent Compensation Committee has approved employment agreements for the executive management team that include changes to the executive compensation programs.

Johan Vandoorn, Executive Vice President – Chief Technical Officer; Clarence Tse, Executive Vice President and Business Head Semiconductors; and, David Valletta, Executive Vice President – Global Sales will leave the Company on December 31, 2022. Mr. Tse’s responsibilities will be absorbed by Jeff Webster, who was previously appointed by the Board of Directors to the newly created position of Chief Operating Officer effective January 1, 2023. The Company intends to evaluate internal and external candidates to fill the position of Executive Vice President – Global Sales and has engaged a global executive search firm to assist it in this effort.

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Effective January 1, 2023, Roy Shoshani is promoted to the position of Executive Vice President – Chief Technical Officer (succeeding Mr. Vandoorn) and Peter Henrici is promoted to the position of Executive Vice President – Corporate Communications, a newly created role, while continuing to serve as Corporate Secretary. Both Messrs. Shoshani and Henrici will report to Joel Smejkal, who was previously appointed by the Board to succeed Dr. Gerald Paul as President and Chief Executive Officer effective January 1, 2023.

“On behalf of the Board, I would like to express my deep appreciation to Johan, Clarence and David for their long-standing service, their contributions to Vishay’s success and dedication to the Company’s operational excellence,” said Marc Zandman, Executive Chair of the Board.

“Following the Board’s appointments of Joel to succeed Dr. Paul as President and CEO, and Jeff to the newly created position of Chief Operating Officer, the planned changes in the executive management team announced today are intended to further evolve Vishay’s strategic priorities and orient the Company for growth, leveraging our solid cash flow generation, sound operational capabilities and broad product portfolio,” added Mr. Zandman. “As part of our executive transition process, the Compensation Committee also determined that it was the right time to strengthen the equity component of Vishay’s executive compensation incentive programs. In addition, Joel, in his position as Chief Executive Officer, will be required to own at least three times his base salary in aggregate market value of shares of Vishay stock. Our intention in making these changes is to ensure alignment of Vishay’s executive management team with stockholder interests and the executive compensation program with market practices.”

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Mr. Shoshani has held various positions of increasing responsibility since joining Vishay in 2004, including Vice President Integrated Circuits Division, Vice President R&D – Semiconductors, and Deputy to the Chief Technical Officer, his current position.

Mr. Henrici has held various positions in marketing communications, investor relations, and corporate treasury since joining Vishay in 1998. He has been responsible for corporate communications since 2006 and was appointed Corporate Secretary in 2012.

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