An integrated circuit device for delivering power to a load includes a P-MOS power transistor, an N-MOS bypass transistor and a gate driver circuit. The P-MOS power transistor is coupled between a supply voltage node and a power output node of the integrated circuit device, and the N-MOS bypass transistor is coupled between the power output node and a reference node of the integrated circuit device. The gate driver circuit responds to a pulse-width-modulated (PWM) control signal by outputting an active-low drive-enable signal to a gate terminal of the P-MOS power transistor and an active-high bypass-enable signal to a gate terminal of the N-MOS bypass transistor during respective, non-overlapping intervals.