Richard Hendrix Takes Chair Position at Navitas as Company Pursues Growth Goals
Navitas Semiconductor has appointed Richard Hendrix as the new chair of its board of directors, alongside the formation of an executive steering committee aimed at enhancing its growth strategy. This move indicates the board’s commitment to aligning its objectives with those of shareholders and improving corporate governance. Hendrix, who brings substantial expertise in capital markets, will succeed CEO Gene Sheridan, who will remain an active board member. Daniel Kinzer, the former chief technology officer and co-founder, has stepped down from his executive roles but will continue to provide advisory services. Chaired by Dr. Ranbir Singh, the newly formed committee will concentrate on optimizing expenses, expediting the product roadmap, and reinforcing market strategies.
Possible Advantages
- The selection of Richard Hendrix as Chair of the Board enhances leadership quality, showcasing a dedication to harmonizing board and shareholder interests.
- The establishment of an Executive Steering Committee to manage strategic initiatives such as expense control and product development positions Navitas for improved growth and profitability.
- Ongoing contributions from key figures, including Dan Kinzer in an advisory capacity, support continual advancements in GaN technology, crucial for maintaining the company’s market edge.
Potential Downsides
- Daniel Kinzer’s departure from executive roles and the board could indicate underlying issues or strategic changes that may impact stability and investor confidence.
- The creation of an executive steering committee suggests a greater need for oversight, possibly pointing to former deficiencies in management.
- Calls for better expense management and faster profitability may signal financial pressures or challenges the company is currently facing.
Frequently Asked Questions
Who is the new chair of Navitas’ board?
Richard Hendrix has been appointed as the chair of Navitas’ board effective immediately.
What is the purpose of the Executive Steering Committee?
This committee will manage key initiatives related to expense management, product development, and market strategies.
What positions did Daniel Kinzer resign from at Navitas?
Daniel Kinzer has resigned as chief technology officer, chief operating officer, and board member.
How does Navitas intend to strengthen corporate governance?
Navitas is focused on enhancing corporate governance to align the interests of the board with those of its stockholders.
What technologies does Navitas specialize in?
Navitas specializes in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) technology.
$NVTS Insider Trading Activity
Insiders at Navitas Semiconductor have executed a total of 11 trades involving $NVTS stock in the last six months; none of these trades were purchases while all were sales.
Below is a summary of recent insider transactions for $NVTS:
- RICHARD J HENDRIX has recorded 0 purchases and 5 sales, totaling 165,000 shares sold for an estimated $666,580.
- GARY KENT JR WUNDERLICH sold 0 shares and 3, selling 100,000 shares for an estimated $406,014.
- RANBIR SINGH sold 34,642 shares, bringing approximately $147,914.
- BRIAN LONG sold 47,189 shares for an estimated $111,366.
- TODD GLICKMAN (Sr. V.P., CFO & Treasurer) sold 13,644 shares, valued at about $35,337.
$NVTS Hedge Fund Activity
Recent data shows 87 institutional investors have increased their holdings in $NVTS stock, while 58 have reduced theirs in the most recent quarter.
Highlighted recent trading activity includes:
- NEUBERGER BERMAN GROUP LLC acquired 4,484,208 shares in Q4 2024, valued at approximately $16,008,622.
- GOLDMAN SACHS GROUP INC sold off 4,129,122 shares, marking a decrease of -75.3% for an estimated $14,740,965.
- ARROWMARK COLORADO HOLDINGS LLC reduced its stake by 2,362,379 shares, down -66.4%, approximately $8,433,693.
- STATE STREET CORP decreased holdings by 1,015,775 shares, down -17.4%, valued at roughly $3,626,316.
- MASTERS CAPITAL MANAGEMENT LLC cut 1,000,000 shares, reflecting a -50.0% decrease worth about $3,570,000.
- BANK OF AMERICA CORP/DE/ increased its holdings by 794,371 shares (+180.5%), totaling around $2,835,904.
- UBS GROUP AG marked a significant acquisition of 760,880 shares (+710.9%), valued at approximately $2,716,341.
$NVTS Analyst Ratings
Wall Street analysts have recently reviewed $NVTS, with 0 firms issuing buy ratings while 1 firm has given a sell rating.
Recent ratings include:
- Morgan Stanley assigned an “Underweight” rating on 04/07/2025.
$NVTS Price Targets
Recently, three analysts set price targets for $NVTS in the last six months, with the median target established at $4.00.
Notable targets include:
- An analyst from Robert W. Baird projected a target price of $4.00 on 03/05/2025.
- Quinn Bolton from Needham also set a target price of $4.00 on 11/05/2024.
Full Release
Richard Hendrix Appointed Chair of the Board
Executive Steering Committee Formed to Advance Growth Strategy
TORRANCE, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Navitas Semiconductor (Nasdaq: NVTS), the only pure-play, next-generation power semiconductor company and industry leader in gallium nitride (GaN) power ICs and silicon carbide (SiC) technology, today announced actions by its board of directors to advance the company’s growth strategy. These corporate governance enhancements reflect the board’s ongoing commitment to stockholder engagement and value creation for all Navitas stakeholders.
Navitas Semiconductor Strengthens Governance and Leadership Structure
Navitas Semiconductor, a leader in power semiconductor technology, has taken significant strides to improve corporate governance and align board interests with shareholders. “We are confident that we have the right strategy in place to continue delivering disruptive advancements in our target markets,” stated Gene Sheridan, CEO and co-founder. “With the updates announced today, our board and leadership team are well positioned to capitalize on multi-billion dollar market opportunities and generate value.”
Board and Leadership Changes
Effective immediately, Richard Hendrix has been appointed as chair of Navitas’ board. Joining as an independent director in 2021, Mr. Hendrix has a robust background with over 30 years in capital markets and currently chairs the audit committee while holding a position on the compensation committee. He will replace Mr. Sheridan, who will continue as CEO and serve as a director on the board.
“I am honored to chair Navitas’ board as we advance our strategy to revolutionize power electronics,” said Mr. Hendrix. “Our board remains committed to strong corporate governance and creating value for our shareholders.”
In another significant change, Daniel Kinzer, co-founder, and current CTO and COO, has resigned from his executive roles and as a board member. However, Mr. Kinzer will continue to provide advisory support, particularly in GaN technology and product innovation.
Mr. Hendrix expressed gratitude for Mr. Kinzer’s leadership, stating, “On behalf of the board, I thank Dan for his invaluable vision and leadership in building Navitas into the only pure-play, next-generation power semiconductor company. We value his ongoing contributions as we embark on the company’s next chapter.”
To fill Mr. Kinzer’s vacancy, the board intends to appoint an independent director for election as a Class I director at the 2025 annual stockholders’ meeting. Mr. Sheridan and Ranbir Singh will also stand for election. Further details will be shared in the upcoming definitive proxy statement to be filed with the U.S. Securities and Exchange Commission (SEC).
Creation of Executive Steering Committee
Navitas has announced the establishment of an executive steering committee to oversee various initiatives. These include:
- Expense management and an accelerated path to profitability;
- Acceleration of the product and technology roadmap;
- Enhancement of go-to-market and partnership strategies;
- Appointment of operating, sales, and technology executives.
The committee will collaborate closely with Mr. Sheridan to ensure these strategic priorities are achieved effectively. Dr. Singh will chair the committee, with Mr. Hendrix and David Moxam also serving as members.
As part of today’s changes, Navitas has entered into a cooperation agreement with Dr. Singh following productive discussions. The details of this agreement will be disclosed in subsequent SEC filings.
Forward-Looking Statements
This press release includes forward-looking statements, which are defined by the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “plan,” “project,” and “anticipate” allow readers to identify such statements. These forward-looking statements are provided solely for illustrative purposes and should not be considered guarantees of future results or events. Actual outcomes may vary due to numerous factors, including those identified in Navitas’ SEC filings under the caption “Risk Factors” in its annual report on Form 10-K for the year ended December 31, 2024, and subsequent quarterly reports. Navitas disclaims any obligation to update these forward-looking statements in the future.
About Navitas
Navitas Semiconductor (Nasdaq: NVTS) is the only dedicated next-generation power semiconductor company, celebrating its 10th anniversary this year. Founded in 2014, Navitas innovates with GaNFast™ power ICs, which integrate gallium nitride (GaN) technology for faster charging and higher energy efficiency. The company also offers GeneSiC™ power devices optimized for high power, high voltage, and high reliability applications. Key markets include data centers, electric vehicles, solar energy, energy storage, industrial appliances, and consumer electronics. Navitas holds over 300 patents and was the first semiconductor firm to receive CarbonNeutral® certification.
Contact Information
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