Power Integrations announces departure of Chief Financial Officer
(Business News, 06 May 2008 )
Power Integrations announced that its chief financial officer, Rafael Torres, will be leaving the company. Mr. Torres has served as the company's CFO since 2006. He has agreed to remain in his role for the next several months while the company conducts a search for his replacement.
"Rafael led us through a challenging period in our history as we restated our financials and regained our Nasdaq listing, and he leaves us in an excellent financial position," said Balu Balakrishnan, president and CEO of Power Integrations. "I thank him for his contributions, and I am grateful that he has agreed to remain with us as we search for his successor."
"I have made the difficult decision that it is an appropriate time for me to leave Power Integrations in order to pursue other interests," said Mr. Torres. "I am proud of what we have achieved in my time here, and I believe Power Integrations has a bright future. The company's financial position has never been stronger, its internal controls are solid and, as demonstrated by today's first-quarter results and strong outlook, the business is performing exceptionally well."
