Vishay Intertechnology (VSH) COO Wunderlich to Retire; Reporting Structure Change Approved

November 16, 2016 4:32 PM EST

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Vishay Intertechnology’s (NYSE: VSH) President and Chief Executive Officer Dr. Gerald Paul announced that Chief Operating Officer Dieter Wunderlich, 64, has decided to retire from Vishay, effective December 31, 2016.

Upon notification of Mr. Wunderlich's retirement, the Board of Directors approved a reporting structure change designed to continue driving Vishay's business for the long-term. Vishay will not replace the COO role, but will broaden responsibilities for two senior leaders, effective January 1, 2017. Clarence Tse, 58, Executive Vice President and Business Head Semiconductors, will report directly to the CEO. Joel Smejkal, 49, currently Senior Vice President and Deputy to the Business Head Passive Components, will as Executive Vice President and Business Head Passive Components also report directly to the CEO.

"On behalf of Vishay, I salute Dieter for his 42 years of continuous service to the Company, and want to thank him for his countless contributions to our business. We have benefitted greatly from his tireless commitment to operational excellence and proven track record of success," said Dr. Paul.

"By establishing P&L responsible Business Groups, Semiconductors and Passive Components, we intend to further increase our focus on the specific challenges these two businesses face," Dr. Paul continued.

Marc Zandman, Executive Chairman of the Board stated, “The Board is focused to set up Vishay not only for excellent short-term performance but to also ensure long-term success. We believe that this organizational change will allow Vishay to meet future challenges even more promptly.”

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