NVE Corporation Announces CEO Transition and Board Expansion

Subject to shareholder approval, Dr. Baker will remain on NVE's Board of Directors as Chairman after stepping down as CEO. Current Chairman Terrence W. Glarner will continue serving on the Board, and Dr. Eames will join as a new board member.

The Board has also nominated Carolyn W. Valentine as a new director. If shareholders approve the changes, the Board will expand from five to seven members.

Baker said he looks forward to continuing to support NVE as Chairman of the Board. He also thanked Terrence "Terry" Glarner for more than 25 years of leadership and service as the company's chairman.

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Baker joined NVE in 2001 and helped transform the company from a contract research organization into a leading provider of advanced spintronics products.

Eames has served as Vice President of Advanced Technology since 2016 and has worked at NVE since 2003, after earning his Ph.D. in Experimental Condensed Matter Physics from the University of Minnesota. In his current role, he has led the company's research and development efforts and overseen major production expansions and capital investment projects.

Carolyn W. Valentine, who has been nominated as a director for the first time, has served as President of Grason Stadler since October 2023. Grason Stadler is part of Demant, a publicly traded company specializing in hearing healthcare and audio technology and is a leading provider of audiology equipment.

NVE is a leader in the commercialization of spintronics, a nanotechnology that uses electron spin to store, process, and transmit information. The company develops and manufactures high-performance spintronic products, including sensors and couplers used for data acquisition and communication.

“I am honored to be selected to lead NVE,” said Eames. We have a talented team, strong customer relationships, and exciting opportunities ahead. I look forward to building on the company’s momentum, and continuing to create value for our shareholders, customers, employees, and partners.”

“Leading NVE has been the privilege of a lifetime,” said Dr. Baker. “I am proud of what our team has accomplished and confident the company is well-positioned for continued success under Pete’s leadership,” Baker added, “The Board conducted a thoughtful succession planning process and unanimously selected Pete as the company’s next CEO. Pete brings extraordinary experience, dedication, and judgment, and I know shareholders will be well served by his leadership in the years ahead.”

About NVE Corporation

Founded in 1989, NVE is a technology company specializing in the commercialization of spintronics, a nanotechnology that uses electron spin instead of electron charge to acquire, store and transmit information. The company designs and manufactures high performance spintronic products, including sensors and couplers, for a wide range of applications. Its technologies are based on giant magnetoresistance (GMR) and tunneling magnetoresistance (TMR), combined with advanced integrated circuitry to deliver reliable and efficient performance.

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