Gerald Paul, the CEO of Malvern-based Vishay Intertechnology will retire at the end of the year after 44 years with the company, 16 of them in his current position. Kennedy Rose covered his exit in the Philadelphia Business Journal.

Paul, one of the highest-paid CEOs in the region, will be succeeded by Joel Smejkal, executive vice president of corporate business development for the semiconductor and electronic components manufacturer.

Smejkal has been with Vishay since 1990.

“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,” said Marc Zandman, executive chair of Vishay’s board.

Jeff Webster, executive vice president of business head passive components, will serve as Vishay’s chief operating officer. He will be the company’s first COO and will start on Jan. 1, along with the new CEO.

“In creating a chief operating officer position at Vishay, the board will be leveraging Jeff’s deep knowledge of Vishay’s global operations and accomplishments as head of our passive components business,” said Zandman.

Read more about Vishay Intertechnology in the Philadelphia Business Journal.