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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 3, 2025
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Power Integrations, Inc.
(Exact name of registrant as specified in its charter)
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Delaware | | 000-23441 | | 94-3065014 |
(State or other jurisdiction | | (Commission | | (IRS Employer |
of incorporation) | | File Number) | | Identification No.) |
5245 Hellyer Avenue
San Jose, California 95138-1002
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (408) 414-9200
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.001 Par Value | | POWI | | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 5.02(b).
On February 3, 2025, Balu Balakrishnan notified the Company that he intends to retire from his position as president and chief executive officer. His decision to retire was not the result of any dispute or disagreement with the company or the board. Mr. Balakrishnan will continue to serve as president and chief executive officer until such time that the company’s board of directors appoints a new chief executive officer. The company’s board of directors has retained an executive search firm to assist in identifying its next chief executive officer. Mr. Balakrishnan will continue to serve as Chairman of the Board during this transition and thereafter is expected to remain a member of the board of directors.
A copy of the Company’s press release announcing Mr. Balakrishnan’s retirement is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
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| Exhibit 104 | Cover Page Interactive Data File (Formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | Power Integrations, Inc. | |
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Dated: | February 7, 2025 | By: | /s/ SANDEEP NAYYAR |
| | | Sandeep Nayyar |
| | | Chief Financial Officer |
