Power Integrations (NASDAQ:POWI) Gains Benchmark Confidence Amid CFO Exit

Power Integrations Inc. (NASDAQ:POWI) ranks among the best cheap semiconductor stocks to buy. Benchmark maintained its Buy rating and $55 price target for Power Integrations Inc. (NASDAQ:POWI) on September 23, following the disclosure of a key management departure. According to the company’s reports, Chief Financial Officer Sandeep Nayyar will leave his role on October 4 to take over as CFO at Altera.

As a result, Eric Verity, senior director of finance, will serve as interim CFO while Power Integrations Inc. (NASDAQ:POWI) searches for a permanent replacement.

Benchmark expressed confidence that the transition will go smoothly, citing Verity’s extended tenure and close connection with Nayyar, which should prevent any disruptions to operations or short-term changes to corporate direction.

Power Integrations Inc. (NASDAQ:POWI) is a semiconductor manufacturer that produces high-voltage integrated circuits for energy-efficient power conversion.

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Disclosure: None. This article is originally published at Insider Monkey.