MALVERN, PA — In a move signaling strategic change, Vishay Intertechnology Inc. (NYSE: VSH) recently announced the appointment of David McConnell as its new Chief Financial Officer (CFO), succeeding Lori Lipcaman, who is stepping down from the role. Additionally, David Tomlinson has been promoted to the newly created position of Chief Accounting Officer (CAO). Both appointments will take effect on March 1, 2024.
McConnell, currently serving as the Senior Vice President for Corporate Treasurer and Risk Management, will assume the top financial role in the company. Simultaneously, Tomlinson, the present Senior Vice President for Corporate Controller, will step into the newly minted CAO role, reporting directly to McConnell.
Joel Smejkal, President and CEO of Vishay, expressed confidence in the new appointees. He believes that McConnell’s dynamic leadership and comprehensive understanding of Vishay’s global operations will be instrumental in developing the company’s strategic and operational plans. These plans are aimed at leveraging emerging trends in connectivity, e-mobility, and sustainability.
Tomlinson, on the other hand, brings a wealth of experience in accounting management and financial reporting. His deep familiarity with Vishay’s operations is expected to enhance the company’s financial analytics and decision-making tools. This will support Vishay’s transition from a cash flow managed business to a more profit-and-loss driven entity.
“Both Dave McConnell and Dave Tomlinson have embraced the organizational changes that are driving Vishay’s ambition to accelerate growth and optimize returns,” said Smejkal. “I am confident they will have a positive impact on the organization and help us achieve our goals.”
The changes come as Lipcaman, who has served Vishay for over three decades, steps down from her role as CFO. Smejkal extended his appreciation for Lipcaman’s dedicated service and commitment to the company, acknowledging her significant contributions throughout her tenure.
McConnell, 57, has been with Vishay since 1992, holding several positions of increasing responsibility. He assumed the role of Senior Vice President for Corporate Treasurer and Risk Management in January 2016. Before joining Vishay, McConnell worked at Ernst & Young LLP, serving large multinational clients across various industries. He is a Certified Public Accountant in Pennsylvania.
Tomlinson, 49, became the Senior Vice President for Corporate Controller in November 2009. He has held various roles within Vishay since joining the company in 2003. Prior to his time at Vishay, Tomlinson was employed by PricewaterhouseCoopers LLP, where he served large multinational clients across different sectors. He is also a Certified Public Accountant in Pennsylvania.
The leadership reshuffle at Vishay Intertechnology comes at a time when the company is reorienting its focus towards more customer-centric and business-minded strategies. The new appointments signals the company’s commitment to strengthening its leadership team and paving the way for a more strategically focused future.
Industry watchers will be keenly observing how these changes play out as Vishay continues to adapt and innovate in a rapidly evolving tech landscape. With experienced leaders like McConnell and Tomlinson at the helm, Vishay seems well-positioned to navigate the challenges ahead and leverage opportunities in the global market.
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