Monolithic Power Systems (NASDAQ: MPWR) Announces Changes in Board Composition and Appointment of New Director

On October 21, 2024, Monolithic Power Systems, Inc. announced key changes in its board composition and the appointment of a new director, according to the latest 8-K filing with the Securities and Exchange Commission.

Mr. James C. Moyer tendered his resignation from the Board of Directors of Monolithic Power Systems, resulting in a reduction of the total number of authorized directors from eight to seven. However, the resignation was clarified not to be related to any disputes with the company, the Board, or its management.

In an effort to ensure a more balanced representation among the classes of directors, the Board made adjustments. The total number of Class II directors was decreased to two, while the number of Class I directors was increased to two. Additionally, Mr. Jeff Zhou was appointed as a Class I director, with his term scheduled to expire at the 2026 annual meeting of stockholders.

Simultaneously, on the same day, Mr. Zhou resigned from his position as a Class II director, immediately before being reappointed to the Board as a Class I director. His service on the Board was deemed to have continued uninterrupted despite the change. As of now, the Board comprises two Class I directors with terms up to 2026, two Class II directors with terms up to 2027, and three Class III directors with terms up to 2025.

The filing also highlighted that the resignation and reappointment of Mr. Zhou did not impact his existing compensatory or indemnification agreements with the company. He will still receive compensation in accordance with Monolithic Power Systems’ non-employee director compensation program and remain a party to the company’s directors’ and officers’ indemnification agreement. Mr. Zhou will also retain his position on the Compensation Committee and Audit Committee.

These changes were disclosed in Monolithic Power Systems’ recent filing with the SEC, showing a strategic reshuffling in the boardroom with the appointment of a new director and adjustments to achieve a more balanced representation among its directors.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Monolithic Power Systems’s 8K filing here.

About Monolithic Power Systems

Monolithic Power Systems, Inc engages in the design, development, marketing, and sale of semiconductor-based power electronics solutions for the storage and computing, automotive, enterprise data, consumer, communications, and industrial markets. The company provides direct current (DC) to DC integrated circuits (ICs) that are used to convert and control voltages of various electronic systems, such as cloud-based CPU servers, server artificial intelligence applications, storage applications, commercial notebooks, digital cockpit, power sources, home appliances, 4G and 5G infrastructure, and satellite communications applications.