Nve Corp - Daniel A. Baker to retire as CEO effective August 6, 2026

NVE Corporation (NASDAQ: NVEC) announced that Daniel A. Baker, Ph.D., will retire as Chief Executive Officer effective August 6, 2026. Dr. Baker has served as CEO and Director of the company since 1985 and has played a pivotal role in advancing the commercialization of spintronics technology, a field in which NVE is a global leader.

Under Dr. Baker’s leadership, NVE has reported strong financial performance in recent quarters. For the third quarter of fiscal 2026, the company reported a 23% increase in total revenue to $6.22 million, driven by a 16% rise in product sales and a 335% increase in contract research and development revenue. However, for the first nine months of fiscal 2026, total revenue increased by only 0.4% to $18.7 million, with net income declining by 8% to $10.3 million.

The company also announced a quarterly cash dividend of $1.00 per share, payable on February 27, 2026, to shareholders of record as of February 2, 2026. While no successor has been named at this time, the board of directors is expected to provide further details regarding leadership transition plans in the coming months.