Allegro MicroSystems appointed Rick Madormo as Senior VP of Worldwide Sales, effective March 24, 2025, succeeding Max Glover.
Quiver AI Summary
Allegro MicroSystems announced the appointment of Rick Madormo as Senior Vice President of Worldwide Sales, effective March 24, 2025. Madormo, who has over 25 years of experience in the semiconductor industry, will lead Allegro's global sales efforts, focusing on revenue growth in automotive and industrial markets. He succeeds Max Glover, who will take on an advisory role until his departure in May. Allegro's CEO, Mike Doogue, expressed enthusiasm for Madormo's arrival, highlighting his expertise in driving growth in the e-Mobility and industrial sectors. Madormo emphasized his excitement to leverage Allegro's advanced technologies to enhance customer value and sales performance.
Potential Positives
- Appointment of Rick Madormo as Senior Vice President of Worldwide Sales is expected to drive revenue growth across automotive and industrial markets.
- Rick Madormo's extensive experience in the semiconductor industry, including leadership roles at Wolfspeed and Intel, brings valuable expertise to Allegro.
- The transition of Max Glover to an advisory role suggests a smooth leadership change, maintaining continuity during this transition period.
- Allegro's focus on electrification and automation aligns with current market trends, indicating potential for future growth and customer value enhancement.
Potential Negatives
- The transition of Max Glover from his position as Senior Vice President of Worldwide Sales to an advisory role may signal instability within the sales leadership, potentially affecting team dynamics and customer relationships.
- Introducing a new Senior Vice President of Sales could disrupt ongoing sales strategies and initiatives, posing risks to revenue growth during the transition period.
- Rick Madormo's previous role at Wolfspeed involved significant transformation; any expectations for immediate results at Allegro may create undue pressure amidst these transitional changes.
FAQ
Who is the new Senior Vice President of Sales at Allegro MicroSystems?
Rick Madormo has been appointed as the Senior Vice President of Worldwide Sales at Allegro MicroSystems.
When will Rick Madormo officially start at Allegro?
Rick Madormo will officially start his role on March 24, 2025.
What role will Max Glover take after Rick Madormo's appointment?
Max Glover will transition into an advisory role until his departure on May 16, 2025.
What experience does Rick Madormo bring to Allegro?
Rick Madormo brings over 25 years of sales experience in the semiconductor industry, including prior roles at Wolfspeed and Intel.
What is Allegro MicroSystems known for?
Allegro MicroSystems is a global leader in power and sensing semiconductor solutions, focusing on motion control and energy-efficient systems.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ALGM Congressional Stock Trading
Members of Congress have traded $ALGM stock 2 times in the past 6 months. Of those trades, 1 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $ALGM stock by members of Congress over the last 6 months:
- REPRESENTATIVE JOSH GOTTHEIMER has traded it 2 times. They made 1 purchase worth up to $15,000 on 10/17 and 1 sale worth up to $15,000 on 09/16.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$ALGM Insider Trading Activity
$ALGM insiders have traded $ALGM stock on the open market 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $ALGM stock by insiders over the last 6 months:
- MICHAEL DOOGUE (SVP, CTO) purchased 15,000 shares for an estimated $285,000
- VINEET A NARGOLWALA (President and CEO) has made 2 purchases buying 5,000 shares for an estimated $99,446 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$ALGM Hedge Fund Activity
We have seen 116 institutional investors add shares of $ALGM stock to their portfolio, and 199 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FMR LLC removed 5,479,320 shares (-19.4%) from their portfolio in Q4 2024, for an estimated $119,777,935
- MANUFACTURERS LIFE INSURANCE COMPANY, THE removed 2,050,641 shares (-95.2%) from their portfolio in Q4 2024, for an estimated $44,827,012
- SCHONFELD STRATEGIC ADVISORS LLC added 1,620,888 shares (+inf%) to their portfolio in Q4 2024, for an estimated $35,432,611
- PALOMA PARTNERS MANAGEMENT CO added 1,594,170 shares (+312.8%) to their portfolio in Q4 2024, for an estimated $34,848,556
- AMERIPRISE FINANCIAL INC removed 1,590,003 shares (-81.5%) from their portfolio in Q4 2024, for an estimated $34,757,465
- INVESCO LTD. removed 1,166,514 shares (-35.8%) from their portfolio in Q4 2024, for an estimated $25,499,996
- BLACKROCK, INC. removed 1,085,798 shares (-8.5%) from their portfolio in Q4 2024, for an estimated $23,735,544
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MANCHESTER, N.H., March 12, 2025 (GLOBE NEWSWIRE) -- Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy-efficient systems, today announced the appointment of Rick Madormo as Senior Vice President of Worldwide Sales, effective March 24, 2025. Rick will be responsible for leading Allegro's global sales organization and driving revenue growth across automotive and industrial end markets, succeeding Max Glover. Max will transition into an advisory role until his departure on May 16, 2025.
"We are thrilled to welcome Rick to Allegro," said Mike Doogue, President and Chief Executive Officer. "His semiconductor industry background aligns perfectly with our strategic focus on driving growth across the e-Mobility and industrial markets. We are confident that his results-driven expertise, coupled with Allegro’s leading sensing and power technology, will be instrumental in driving Allegro's continued success. I would like to thank Max for his many contributions to Allegro, including his role in the strategic expansion of our sales teams to gain access to market leading customers, helping us to achieve record sales.”
"I am incredibly excited to join Allegro and to lead its world-class sales team," said Rick Madormo. "Allegro's differentiated sensing and power technologies are uniquely positioned to address the mega-trends of electrification and automation. I am eager to collaborate with the team to leverage our strengths, drive exceptional customer value and achieve continued sales growth."
Rick Madormo brings more than 25 years of sales experience in the semiconductor industry to Allegro. He most recently served as Senior Vice President of Global Sales and Marketing at Wolfspeed, where he led a global team and oversaw the growth, strategy and operations of the entire sales organization, achieving record-setting results. Rick was instrumental in Wolfspeed’s transformation from an LED lighting company to a leader in Silicon Carbide. Prior to Wolfspeed, Rick served as Vice President of Americas Sales at Intel and held several sales leadership positions during his tenure at Altera. Rick holds a B.S. in electrical engineering technology from The University of Akron.
About Allegro MicroSystems
Allegro MicroSystems, Inc. is leveraging more than three decades of expertise in magnetic sensing and power ICs to propel automotive, clean energy and industrial automation forward with solutions that enhance efficiency, performance and sustainability. Allegro’s commitment to quality drives transformation across industries, reinforcing our status as a pioneer in “automotive grade” technology and a partner in our customers’ success. For additional information, visit www.allegromicro.com .
Contact: Jalene Hoover
VP of IR & Corporate Communications
Phone: +1 512 751 6526
[email protected]
