A switched current power converter including an input power source, an output terminal, and a plurality of current stages. Each current stage includes a converter coupled to the input power source for providing a current, and a switch circuit for selectively coupling the current in such current stage to the output terminal. A control circuit selectively decouples the input power source from less than all of the current stage converters upon detecting a low load condition, thereby reducing circulating current losses and improving operating efficiency under low load conditions.