Littelfuse Inc's Senior Vice President and General Manager of its Electronics Business, Deepak Nayar, will step down from that role at the end of 2026 and move into an advisory position, according to an employment agreement filed with the SEC.
Under the terms of the letter agreement, dated September 10, 2026, Nayar will transition from his current position on December 31, 2026, and cease to be an executive officer of the company. Effective January 1, 2027, he will begin a twelve-month term as Special Advisor to the Chief Executive Officer, running through December 31, 2027.
In that role, Nayar is expected to support knowledge transfer and leadership transition for the electronics business, provide advice on the company's strategic growth areas, and perform other services requested by the CEO consistent with his experience.
Littelfuse will continue paying Nayar a gross monthly base salary of $83,685 during the advisory term, and his 2026 annual incentive bonus will be calculated and paid under existing plan terms. He may continue participating in company benefit and perquisite plans, but from January 1, 2027, he will no longer be covered by the Executive Severance Policy or any change-in-control agreement, will not participate in any annual incentive plan, and will not receive equity compensation awards.
The agreement states that Nayar's termination of employment at the end of the advisory term will be treated as a retirement for purposes of vesting outstanding equity awards under the company's Long-Term Incentive Plan, subject to applicable conditions. It also terminates a prior Change of Control Agreement between Nayar and the company that had been effective since January 1, 2024.
The letter includes restrictive covenants barring Nayar from competing with the company, soliciting its employees or customers, for eighteen months following the end of his employment. Littelfuse will continue to indemnify Nayar and provide directors' and officers' insurance coverage for his service as an executive officer and later as Special Advisor. The agreement was signed by Maggie Chu, Senior Vice President and Chief Human Resources Officer, on behalf of the company.
$LFUSLittelfuseNet sentiment—Mentions · 30d—Avg volume23,352View on the dashboardFinazon · prior-day close · Sep 16, 2026