8-K: Vishay Intertechnology Appoints Deloitte as New Auditor

Vishay Intertechnology's Audit Committee has selected Deloitte & Touche LLP as its independent registered public accounting firm for fiscal year 2026, replacing Ernst & Young LLP.

Summary

• Vishay Intertechnology, Inc. (the Company) announced a change in its independent registered public accounting firm.
• The Audit Committee of the Board of Directors completed a competitive process for the selection of the auditor for the fiscal year ending December 31, 2026.
• On January 7, 2026, the Audit Committee selected Deloitte & Touche LLP (Deloitte) to serve as the independent registered public accounting firm for the fiscal year ending December 31, 2026, and related interim periods.
• The appointment of Deloitte is subject to their customary client acceptance procedures and execution of an engagement letter.
• Ernst & Young LLP (EY), the Company's auditor for the year ended December 31, 2025, and prior years, was dismissed effective upon the issuance of its reports for the fiscal year ended December 31, 2025.
• EY's audit reports for the fiscal years ended December 31, 2024, and December 31, 2023, did not contain any adverse opinion, disclaimer of opinion, or qualifications.
• There were no disagreements between the Company and EY on accounting principles, financial statement disclosure, or auditing scope/procedure during the fiscal years ended December 31, 2024, and December 31, 2023, and through January 7, 2026.
• There were no reportable events during the fiscal years ended December 31, 2024, and December 31, 2023, and through January 7, 2026.
• The Company did not consult with Deloitte regarding accounting principles or audit opinions prior to their selection.
• EY provided a letter to the SEC, dated January 9, 2026, agreeing with the Company's statements regarding the absence of disagreements or reportable events.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The change in auditor is a routine corporate governance event, and the absence of any disagreements or reportable events with the outgoing auditor is a positive sign, indicating a smooth transition without underlying issues.

Positives

• The Audit Committee conducted a competitive process to select the new auditor, indicating good corporate governance practices.
• There were no disagreements with the former auditor, Ernst & Young LLP, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
• No reportable events were identified with the former auditor, Ernst & Young LLP, during the specified periods.
• Ernst & Young LLP's audit reports for the past two fiscal years (2024 and 2023) were unqualified, indicating sound financial reporting during their tenure.

Future Outlook

The Company anticipates Deloitte & Touche LLP will serve as its independent registered public accounting firm for the fiscal year ending December 31, 2026, and related interim periods, subject to customary client acceptance procedures and engagement letter execution.

Management Comments

• The Audit Committee completed a competitive process to determine the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026.
• The Audit Committee informed Deloitte & Touche LLP of its selection to serve as the independent registered public accounting firm for the fiscal year ending December 31, 2026.
• The Audit Committee informed Ernst & Young LLP of its determination to dismiss them, effective upon the issuance of their reports for the fiscal year ended December 31, 2025.

Industry Context

Changes in independent registered public accounting firms are a routine part of corporate governance, often occurring after a competitive bidding process to ensure audit quality, cost-effectiveness, and fresh perspectives. This move by Vishay Intertechnology aligns with common practices among publicly traded companies to periodically review and potentially rotate their auditors.

Comparison to Industry Standards

• The competitive process undertaken by Vishay Intertechnology's Audit Committee for auditor selection is a recognized best practice in corporate governance, aligning with recommendations from regulatory bodies and investor groups to ensure auditor independence and quality.
• The absence of disagreements or reportable events with the outgoing auditor, Ernst & Young LLP, is a positive indicator, suggesting a smooth transition without underlying financial reporting issues, which is consistent with well-managed companies.

Corporate Governance

Stakeholder Impact

• Shareholders: Will benefit from continued independent oversight of financial statements, potentially enhancing confidence in financial reporting accuracy.
• Regulatory Authorities: The change is reported to the SEC, ensuring transparency and compliance with regulatory requirements for auditor changes.

Next Steps

• Ernst & Young LLP will issue its reports on the Company's consolidated financial statements and internal control over financial reporting for the year ended December 31, 2025.
• Deloitte & Touche LLP will complete its customary client acceptance procedures and execute an engagement letter to formally begin its role as the independent registered public accounting firm for the fiscal year ending December 31, 2026.

Key Dates

Keywords

Auditor Change, Independent Registered Public Accounting Firm, Deloitte & Touche LLP, Ernst & Young LLP, Audit Committee, Corporate Governance, SEC Filing, Form 8-K, Vishay Intertechnology