FX.co ★ Power Integrations CEO Balu Balakrishnan Retires

Power Integrations (POWI) has announced that its Chief Executive Officer, Balu Balakrishnan, will be retiring. He will continue to serve as executive chairman during the transition period and retain his position on the board until a successor is appointed. Balakrishnan, who joined the company in 1989 after his tenure at National Semiconductor, has been instrumental in developing key products such as TOPSwitch and TinySwitch and holds more than 200 patents. On Thursday, POWI shares closed at $60.75, marking a 2.80% decrease, equivalent to a $1.75 drop, on the Nasdaq.