In anticipation of Dr. Paul's eventual retirement, the Board's independent Nominating and Corporate Governance Committee, in conjunction with the Board of the Directors, has been engaged in succession planning for some time to ensure a smooth evolution of Vishay's strategic priorities. Both Mr. Smejkal and Mr. Webster are veteran executives at Vishay who were promoted to their current positions in 2020. Commenting on their new appointments, Mr. Zandman added, "Joel possesses the right combination of attributes to assume the reins of the Company: extensive experience in engineering, marketing, operations, and sales gained over the past 32 years at Vishay; proven leadership skills; and, more recently, involvement in developing the Company's growth strategies.