UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported):  
February 23, 2016

 

 MONOLITHIC POWER SYSTEMS, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware

000-51026

77-0466789

(State or other jurisdiction of
incorporation or organization)

(Commission
File Number)

(I.R.S. Employer
Identification Number)

  

79 Great Oaks Boulevard, San Jose, CA 95119

(Address of principal executive offices) (Zip Code)

  

(408) 826-0600

(Registrant's telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 
 
 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

(b)

Departure of Chief Financial Officer

 

On February 23, 2016, Monolithic Power Systems, Inc. (“MPS”) announced that Meera Rao has informed MPS of her intention to retire as the chief financial officer. Ms. Rao will continue in her role at MPS until March 31, 2016 and will remain available in an advisory capacity until the transition is complete. MPS has retained an executive search firm to secure a successor.

 

(c)

Appointment of Interim Chief Financial Officer

 

On February 23, 2016, MPS also announced that it has appointed Bernie Blegen, MPS’s corporate controller, as interim chief financial officer until a permanent replacement is found. Mr. Blegen has no family relationships with any of MPS’s directors or executive officers, and he has no direct or indirect interests in any transactions required to be disclosed pursuant to Item 404(a) of Regulation S-K.

 

A copy of the press release relating to these announcements is attached hereto as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit

  

Description

     

99.1

  

Press release issued on February 23, 2016, announcing MPS’s CFO transition.

 

 
 
 

 

Index to Exhibits

 

Exhibit

  

Description

     

99.1

  

Press release issued on February 23, 2016, announcing MPS’s CFO transition.

 

 
 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: February 23, 2016

By:

/s/ Saria Tseng

 

 

Saria Tseng

 

 

Vice President, General Counsel

 



Exhibit 99.1

 

 

PRESS RELEASE

For Immediate Release

 

Monolithic Power Systems, Inc.

79 Great Oaks Boulevard

San Jose, CA 95119 USA

T: 408-826-0600, F: 408-826-0601

www.monolithicpower.com

 

 

Monolithic Power Systems Announces Chief Financial Officer Transition

 

SAN JOSE, California, February 23, 2016--Monolithic Power Systems, Inc. (MPS) (Nasdaq: MPWR), a leading company in high performance power solutions, today announced that Meera Rao has informed the company of her intention to retire from the company. The company has retained an executive search firm to secure a successor. Ms. Rao will continue in her role at MPS until March 31, 2016 and will remain available in an advisory capacity until the transition is complete. Following Ms. Rao’s departure, Bernie Blegen, MPS’ corporate controller, will serve as the interim chief financial officer until a permanent replacement is found.

 

Mr. Blegen has been serving as MPS’ corporate controller since 2011. Prior to joining MPS, Mr. Blegen held a number of senior finance and executive accounting roles for other publicly traded technology companies, including Xilinx, Inc.

 

“I want to thank Meera for her many years of contribution to MPS both as a corporate controller and as a CFO and wish her all the best in her future endeavors,” said Michael Hsing, CEO and founder of MPS. “I am fully confident that the transition will be seamless.”

 

“I am grateful for the opportunity afforded to me by Michael and MPS,” said Meera Rao. “It has been a rewarding journey and I wish MPS every success in its business.”

 

Safe Harbor Statement

 

The statements in this press release regarding CFO transition planning and the company’s future goals are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions and current expectations, which could cause the company’s actual results to differ materially from those anticipated in such forward-looking statements. The risks and uncertainties that could cause the company’s results to differ materially from those expressed or implied by such forward-looking statements include but are not limited to those described in the company’s documents filed with or furnished to the Securities and Exchange Commission. More information about these and other risks that may impact the company’s business are set forth in the “Risk Factors” section of the company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2015 filed with the Securities and Exchange Commission on October 28, 2015. All forward-looking statements in this press release are based on information available to MPS as of the date hereof and qualified in their entirety by this cautionary statement, and MPS assumes no obligation to revise or update these forward-looking statements.  

 

 
 
 

 

About Monolithic Power Systems

Monolithic Power Systems, Inc. (MPS) provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications. MPS' mission is to reduce total energy consumption in its customers' systems with green, practical, compact solutions. The company was founded by Michael R. Hsing in 1997 and is headquartered in San Jose, CA. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

 

 

###

 

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

 

Contact:

Meera Rao

Chief Financial Officer

Monolithic Power Systems, Inc.

408-826-0777

investors@monolithicpower.com

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