New Independent Directors Bring Significant Industry, Operations and
Leadership Experience
Appointments Further Enhance the Board’s Depth and Expertise as
Mellanox Continues
Driving Profitable Growth and Shareholder Value Creation
SUNNYVALE, Calif. & YOKNEAM, Israel -- (Business Wire)
Mellanox Technologies, Ltd. (NASDAQ: MLNX), a leading supplier of
high-performance, end-to-end smart interconnect solutions for data
center servers and storage systems, today announced the appointment of
Steve Sanghi, Chief Executive Officer of Microchip Technology, and Umesh
Padval, Partner at Thomvest Ventures, to the Company’s Board of
Directors, effective immediately. With these additions, the Mellanox
Board now consists of eleven directors. Mr. Sanghi and Mr. Padval fill
existing vacancies on the Board.
Mr. Sanghi has established himself as a highly respected leader in the
semiconductor industry with unmatched operational expertise and a proven
ability to drive profitable growth. Under his leadership as CEO of
Microchip since 1991, the company’s revenue has grown from $89 million
as of its 1993 IPO to a $4.0 billion run rate with an industry leading
38% operating margin. In addition, Microchip has acquired and integrated
19 companies and executed a clear investment strategy focused on
developing and sustaining profitable product lines while driving market
share, leading to stock price appreciation of approximately 14,200%,
excluding dividends.
Mr. Padval brings to Mellanox over 30 years of technology, marketing,
operations and strategic expertise. Throughout his career, Mr. Padval
has been a CEO, investor and entrepreneur, and has served on over 20
public and private boards. Since Mr. Padval joined the Integrated Device
Technology (IDT) Board in 2008, the company has seen significant
operating margin expansion and stock price appreciation, which has
resulted in over 5x market cap growth. Mr. Padval’s deep operating
experience, his profound understanding of the inner workings of the
semiconductor industry and strategic expertise, together with his
boardroom leadership, have created significant shareholder value for
several companies and make him a tremendous addition to the Board of
Mellanox.
“The Mellanox Board of Directors has been actively seeking highly
qualified, independent directors to fill the two remaining seats on our
Board, and we are delighted to welcome Steve and Umesh,” said Irwin
Federman, Chairman of the Board of Mellanox. “In addition to their
outstanding experience and complementary skill sets, Steve and Umesh
bring strong leadership and new perspectives that will be instrumental
to continued growth and increased shareholder value for Mellanox
investors.
“Steve is one of the best operators in the semiconductor industry, with
an impressive track record of value creation as CEO of Microchip. We are
proud to add him to our Board and are confident his steadfast focus on
operational efficiency and disciplined approach to capital allocation
will be invaluable to Mellanox as the Company continues to execute on
our strategic plan. Additionally, Umesh brings extensive public company
leadership experience and operational excellence to drive long-term
growth and profitability. His balanced perspective is ideally suited for
Mellanox which has maintained its high growth trajectory while achieving
the scale to provide end-to-end differentiated solutions to its
customers.”
“This is an exciting time to join the Mellanox Board,” said Mr. Sanghi.
“Mellanox’s focus on innovation and R&D, along with its forward looking
strategy, has positioned the Company for sustained growth and
profitability – and that is being proven out by the Company’s strong
results and guidance. I have always been focused on the importance of
driving profitable growth and will work closely with the Mellanox Board
to ensure Mellanox continues on its upward trajectory and reaches its
full potential.”
“I am excited to be part of the Mellanox team, which is addressing a
large market opportunity by developing innovative and market leading
product platforms,” said Mr. Padval. “I am looking forward to using my
past experience to contribute to the Company’s goals of continued
revenue growth and maximizing shareholder value.”
Mr. Federman continued, “Today’s appointments demonstrate our continued
commitment to best-in-class corporate governance and to ensuring we have
the right mix of diversity, independence, experience and skills to
position Mellanox for future success. I look forward to working with
Steve and Umesh, as well as the other outstanding members of our Board
and management team to continue delivering industry-leading growth and
maximizing shareholder value.”
About Steve Sanghi
Steve Sanghi was named the President of Microchip in August 1990, Chief
Executive Officer in October 1991 and the Chairman of the Board of
Directors in October 1993. Prior to that, Mr. Sanghi was Vice President
of Operations at Waferscale Integration, Inc., a semiconductor company,
from 1988 to 1990. Mr. Sanghi was employed by Intel Corporation from
1978 to 1988, where he held various positions in management and
engineering, the most recent serving as General Manager of Programmable
Memory Operations. Additionally, Mr. Sanghi currently serves on the
board of Myomo Inc., a commercial stage medical device company. He has
previously served on the boards of many public and private companies
including, Hittite Microwave, Xyratex, Adflex Solutions, Artisoft and
Flip Chip International. Mr. Sanghi has won numerous industry awards,
including “Executive of the Year” by Electronic Engineering Times in
2010 and 2016. He also won the “Arizona Entrepreneur of the Year” award
by Ernst and Young in 1994. Mr. Sanghi holds a Master of Science degree
in Electrical and Computer Engineering from the University of
Massachusetts and a Bachelor of Science degree in Electronics and
Communication from Punjab University, India.
About Umesh Padval
Mr. Padval brings over 30 years of broad operating experience in
technology, marketing, sales, operations and general management in a
variety of high technology industries coupled with his board experiences
at over 20 public and private companies. Mr. Padval is a Partner at
Thomvest Ventures. Prior to that, Mr. Padval served as a Partner at
Bessemer Venture Partners, and before that, as Executive Vice President
of the Consumer Products Group at LSI Logic Corporation, where he was
also previously the Senior Vice President of the company’s Broadband
Entertainment Division. Prior to that, Mr. Padval served as the CEO and
Director of C-Cube (which was acquired by LSI Logic in 2001) and was
previously President of the company’s Semiconductor Division. Prior to
joining C-Cube, Mr. Padval held senior management positions at VLSI
Technology and Advanced Micro Devices. Mr. Padval currently serves on
the board of a public company, IDT as well as on boards of several
private companies, Avnera Corporation, Avalanche Technologies, Lastline,
Tactus Technologies and Sutter Health Pacific Division. Mr. Padval has
previously served on the public company boards of Monolithic Power
Systems, Elantec Semiconductor, Silicon Image, Entropic Communications
and C-Cube Microsystems. He also served on the advisory boards at
Stanford University. Mr. Padval holds a Bachelor in Technology from
Indian Institute of Technology, Mumbai and an MS in Engineering from
Stanford University.
Supporting Resources:
About Mellanox
Mellanox Technologies (NASDAQ: MLNX) is a leading supplier of end-to-end
InfiniBand and Ethernet smart interconnect solutions and services for
servers and storage. Mellanox interconnect solutions increase data
center efficiency by providing the highest throughput and lowest
latency, delivering data faster to applications and unlocking system
performance capability. Mellanox offers a choice of fast interconnect
products: adapters, switches, software and silicon that accelerate
application runtime and maximize business results for a wide range of
markets including high performance computing, enterprise data centers,
Web 2.0, cloud, storage and financial services. More information is
available at: www.mellanox.com.
Note: Mellanox is a trademark of Mellanox Technologies, Ltd.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180221006405/en/
Contacts:
Investors:
Mellanox Technologies, Ltd.
Jeffrey
Schreiner, +1-408-916-0012
jschreiner@mellanox.com
or
Media:
Joele
Frank, Wilkinson Brimmer Katcher
Jed Repko or Jeff Kauth or Kaitlin
Kikalo
+1-415-869-3950 or +1-212-355-4449
or
Israel PR:
Galai
Communications Public Relations
Jonathan Wolf, +972 3-613-52-84
yoni@galaipr.com
or
Israel
IR:
Gelbart Kahana Investor Relations
Emanuel Kahana, +972
3-607-47-17
mano@gk-biz.com
Source: Mellanox Technologies, Ltd.
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