WS News
24 Feb 2025, 18:39
Allegro MicroSystems, Inc. announced that its Board of Directors has appointed Michael C. Doogue as President and Chief Executive Officer, effective immediately. Mr. Doogue, previously the company’s Executive Vice President and Chief Technology Officer, has also been elected as a director.
Mr. Doogue, age 49, has held leadership roles at Allegro, including Senior Vice President of Technology and Products, where he oversaw all business units. As part of his new role, he will receive an annual base salary of $700,000, a target annual bonus of 125% of his salary, and consideration for an equity award valued at $6 million in the next annual grant cycle.
The appointment follows the departure of Vineet Nargolwala, who has stepped down as President, CEO, and Board member. Allegro has entered into a separation agreement with Mr. Nargolwala, under which he will receive severance benefits as outlined in his original employment contract, contingent on a general release of claims and compliance with restrictive covenants.
source: Allegro MicroSystems, Inc., SEC Form 8-K, February 24, 2025.
Mr. Doogue, age 49, has held leadership roles at Allegro, including Senior Vice President of Technology and Products, where he oversaw all business units. As part of his new role, he will receive an annual base salary of $700,000, a target annual bonus of 125% of his salary, and consideration for an equity award valued at $6 million in the next annual grant cycle.
The appointment follows the departure of Vineet Nargolwala, who has stepped down as President, CEO, and Board member. Allegro has entered into a separation agreement with Mr. Nargolwala, under which he will receive severance benefits as outlined in his original employment contract, contingent on a general release of claims and compliance with restrictive covenants.
source: Allegro MicroSystems, Inc., SEC Form 8-K, February 24, 2025.