Transphorm, Inc. announced that on May 10, 2023, Mario Rivas informed the board of directors of his resignation from his positions as the Company's Chair of the Board, as a member of the Board, and from all other positions he holds in the Company or any of its subsidiaries, effective as of May 15, 2023. Mr. Rivas's retirement is part of the Company's management succession planning, and not a result of any disagreement with the Company on any matter relating to its operations, policies or practices. On May 10, 2023, the Board appointed Primit Parikh as President and to the Board as a Class III director, effective as of May 15, 2023.

Dr. Parikh succeeds Mr. Rivas, who has served as the Company's Chief Executive Officer since February 2020 and Chair of the Board since May 2022. The Board also appointed Umesh Mishra to serve as Chair of the Board, effective as of May 15, 2023. Dr. Mishra currently serves on the Board as a Class II director and is the Company's Chief Technology Officer and a co-founder of the Company's main operating subsidiary, Transphorm Technology, Inc. Dr. Parikh, age 51, has served as the Company's President and Chief Operating Officer since February 2020.

Dr. Parikh is a co-founder of Transphorm Technology and has served as Transphorm Technology's Chief Operating Officer since 2007, as well as a member of the board of directors of Transphorm Japan, Inc. since 2014. With over 25 years of semiconductor and entrepreneurial experience, his background includes experience with capital raises, international markets and strategic partnerships, products and manufacturing, intellectual property, GaN and semiconductor technology, and government contracting. Prior to Transphorm Technology, Dr. Parikh led GaN electronics at Nitres Inc. until its acquisition in 2000 by Cree, where he was responsible for RF GaN electronics, as well as cross functional programs in LED technology.

Dr. Parikh has co-authored more than 75 publications and holds more than 40 patents. He holds a B.Tech. in Electrical Engineering from IIT, Mumbai and a Ph.D. in Electrical and Computer Engineering from the University of California, Santa Barbara.