Farouq Tuweiq to Succeed Daniel Bernstein as CEO of Bel Fuse Inc. in May 2025
Bel Fuse Inc. (Nasdaq: BELFA, BELFB) announced that Daniel Bernstein will step down as President and CEO after 24 years, effective May 27, 2025, transitioning to Non-Executive Chairman. Farouq Tuweiq, current CFO, will succeed as President and CEO.
Under Bernstein's leadership since 2001, Bel completed 19 acquisitions, growing sales from under $100 million to over $600 million. The company has achieved record profitability and stock price valuation in its 76-year history during the past two years.
Tuweiq, who joined Bel in 2021 as CFO, has been important in transforming the company's corporate strategy and financial discipline, leading to record performance. The Board has initiated a search for a new CFO and approved expanding the Board to ten directors, with Tuweiq joining as a director effective May 27, 2025.
Bel Fuse Inc. (Nasdaq: BELFA, BELFB) ha annunciato che Daniel Bernstein si dimetterà da Presidente e CEO dopo 24 anni, con effetto dal 27 maggio 2025, passando a Presidente Non Esecutivo. Farouq Tuweiq, attuale CFO, lo succederà come Presidente e CEO.
Sotto la guida di Bernstein dal 2001, Bel ha completato 19 acquisizioni, facendo crescere le vendite da meno di 100 milioni a oltre 600 milioni di dollari. La società ha raggiunto la massima redditività e una valutazione azionaria record nella sua storia di 76 anni negli ultimi due anni.
Tuweiq, che è entrato in Bel nel 2021 come CFO, è stato fondamentale nella trasformazione della strategia aziendale e nella disciplina finanziaria della società, portando a performance record. Il Consiglio ha avviato una ricerca per un nuovo CFO e ha approvato l'espansione del Consiglio a dieci membri, con Tuweiq che entrerà come direttore dal 27 maggio 2025.
Bel Fuse Inc. (Nasdaq: BELFA, BELFB) anunció que Daniel Bernstein dejará su puesto como Presidente y CEO después de 24 años, efectivo a partir del 27 de mayo de 2025, y pasará a ser Presidente No Ejecutivo. Farouq Tuweiq, actual CFO, lo sucederá como Presidente y CEO.
Bajo el liderazgo de Bernstein desde 2001, Bel completó 19 adquisiciones, aumentando las ventas de menos de 100 millones a más de 600 millones de dólares. La empresa ha logrado una rentabilidad récord y una valoración de acciones sin precedentes en sus 76 años de historia durante los últimos dos años.
Tuweiq, quien se unió a Bel en 2021 como CFO, ha sido clave en la transformación de la estrategia corporativa y la disciplina financiera de la empresa, lo que ha llevado a un rendimiento récord. La Junta ha comenzado la búsqueda de un nuevo CFO y ha aprobado la expansión de la Junta a diez directores, con Tuweiq uniéndose como director a partir del 27 de mayo de 2025.
벨 퓨즈 Inc. (Nasdaq: BELFA, BELFB)는 다니엘 번스타인이 24년 동안의 CEO 및 사장직을 사임하고 2025년 5월 27일부터 비상임 의장으로 전환한다고 발표했습니다. 파루크 투웨이크, 현 CFO,가 차기 사장 겸 CEO로 취임하게 됩니다.
2001년부터 번스타인의 리더십 하에 벨은 19건의 인수를 완료하였으며, 매출을 1억 달러 미만에서 6억 달러 이상으로 성장시켰습니다. 회사는 지난 76년 역사에서 기록적인 수익성과 주가 평가를 가장 최근 2년 동안 달성했습니다.
2021년 CFO로 벨에 합류한 투웨이크는 회사의 기업 전략과 재정 규율을 변화시키는 데 중요한 역할을 하여 기록적인 성과를 이끌어냈습니다. 이사회는 새로운 CFO 후보를 찾기 시작했으며 이사 수를 10명으로 확대하는 것을 승인했습니다. 투웨이크는 2025년 5월 27일부터 이사로 합류하게 됩니다.
Bel Fuse Inc. (Nasdaq: BELFA, BELFB) a annoncé que Daniel Bernstein démissionnera de son poste de Président et CEO après 24 ans, à compter du 27 mai 2025, et passera à celui de Président Non Exécutif. Farouq Tuweiq, actuel CFO, le succédera en tant que Président et CEO.
Sous la direction de Bernstein depuis 2001, Bel a réalisé 19 acquisitions, faisant passer son chiffre d'affaires de moins de 100 millions de dollars à plus de 600 millions de dollars. L'entreprise a atteint une rentabilité record et une évaluation boursière sans précédent dans ses 76 ans d'histoire au cours des deux dernières années.
Tuweiq, qui a rejoint Bel en 2021 en tant que CFO, a été essentiel dans la transformation de la stratégie d'entreprise et de la discipline financière, conduisant à une performance record. Le Conseil a lancé une recherche pour un nouveau CFO et a approuvé l'extension du Conseil à dix administrateurs, Tuweiq rejoignant le Conseil à compter du 27 mai 2025.
Bel Fuse Inc. (Nasdaq: BELFA, BELFB) gab bekannt, dass Daniel Bernstein nach 24 Jahren als Präsident und CEO am 27. Mai 2025 zurücktreten und zum nicht-executive Vorsitzenden wechseln wird. Farouq Tuweiq, derzeit CFO, wird als Präsident und CEO nachfolgen.
Unter der Führung von Bernstein seit 2001 hat Bel 19 Akquisitionen abgeschlossen und den Umsatz von unter 100 Millionen auf über 600 Millionen Dollar gesteigert. Das Unternehmen erzielte in seinen 76 Jahren Geschichte in den letzten zwei Jahren rekordverdächtige Rentabilität und Aktienbewertung.
Tuweiq, der 2021 als CFO zu Bel kam, spielte eine wichtige Rolle bei der Transformation der Unternehmensstrategie und der finanziellen Disziplin, die zu Rekordleistungen führte. Der Vorstand hat eine Suche nach einem neuen CFO eingeleitet und die Expansion des Vorstands auf zehn Direktoren genehmigt, wobei Tuweiq ab dem 27. Mai 2025 als Direktor beitreten wird.
- Company achieved record profitability and stock price valuation in recent years
- Sales growth from under $100M to over $600M through 19 successful acquisitions
- Strong financial performance under current CFO Tuweiq's leadership since 2021
- None.
Insights
The leadership transition at Bel Fuse marks a pivotal moment in the company's 76-year history, representing both the end of the Bernstein family's executive leadership era and a strategic evolution in corporate governance. Under Daniel Bernstein's tenure, the company executed a robust acquisition-driven growth strategy, achieving a remarkable 6x revenue expansion while diversifying across products, markets and geographies.
Farouq Tuweiq's appointment as CEO is particularly noteworthy given his background as CFO and his proven track record in financial transformation. His elevation suggests a continued focus on financial discipline and strategic optimization, which has already yielded unprecedented profitability levels and stock performance. The decision to promote from within, specifically choosing a financially-oriented leader, indicates a strategic shift towards operational efficiency and value creation.
The transition structure demonstrates careful succession planning: Bernstein's move to Non-Executive Chairman ensures continuity and institutional knowledge transfer, while Tuweiq's appointment to the board prior to assuming the CEO role enables a smooth power transition. The initiation of a CFO search process ahead of the transition further reflects proactive governance.
The timing of this announcement, following record performance levels and the company's 75th anniversary, positions Bel Fuse for its next growth phase from a position of strength. Tuweiq's track record of driving financial transformation since 2021 suggests potential for continued operational improvements and strategic initiatives to enhance shareholder value.
WEST ORANGE, N.J., Feb. 03, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of Bel Fuse Inc. (Nasdaq: BELFA and BELFB) (“Bel” or the “Company”) today announced an upcoming transition in the Chief Executive Officer position at Bel. After 24 years as Bel’s Chief Executive Officer and 46 total years of service at the Company, Daniel Bernstein will step down as President and CEO effective immediately following Bel’s 2025 Annual Meeting of Shareholders, currently scheduled for May 27, 2025. Bernstein will transition to the role of Non-Executive Chairman of the Board of Directors on that same date.
As part of the leadership change, Bel’s Board of Directors has appointed Farouq Tuweiq to serve as the Company’s next President and CEO, effective immediately following Bel’s 2025 Annual Meeting of Shareholders. Tuweiq will vacate his current role as Chief Financial Officer on that same date, with the Board having initiated a search process to identify a successor CFO for the Company. The Board of Directors has also approved the expansion of Bel’s Board to ten directors and appointed Tuweiq as a director on Bel’s Board, with such expansion and appointment to be effective on the date of Bel’s annual shareholder meeting scheduled for May 27, 2025.
Bernstein’s distinguished career defined by growth and diversification
Under Dan Bernstein’s leadership since 2001, the Company completed 19 acquisitions, growing sales from less than
“It’s been an honor to serve as Bel’s CEO over the past two decades and to witness the many accomplishments and new milestones reached together as a global team. With our celebration of 75 years in business now complete, the time is right for a transition to the next generation of Bel leadership. I have a deep sense of pride and gratitude for Bel and our dedicated group of associates around the world who have made Bel's growth and success possible. I look forward to my new role as Chairman of Bel’s Board of Directors and supporting Farouq in any manner he feels advisable,” said Bernstein.
Farouq Tuweiq, Chief Financial Officer, to become new CEO
On May 27, 2025, Tuweiq will become Bel’s President and CEO. Tuweiq joined Bel in 2021 as the Company’s Chief Financial Officer. During the past four years, he has been instrumental in transforming Bel’s corporate strategy and financial discipline which have been strong drivers in leading to Bel’s record performance. From his start, Tuweiq has been a strategic partner with Bernstein and the executive team, capitalizing on the solid foundation of Bel’s quality products and customer base that Bernstein has built over the years.
“I could not be more proud of the executive team’s collective achievements over these past four years,” said Daniel Bernstein. “Farouq has brought a new perspective and a high level of accountability to the management of the Company. As my father passed the reins to me in 2001, I am now honored to be the one passing the torch to the next generation. Having seen Farouq’s and the executive team’s drive for excellence and their success in motivating the global team to work together in transforming Bel financially, I could not be more excited for the future of Bel under Farouq’s leadership.”
“I am humbled and honored to accept the role of President and CEO,” Tuweiq said. “It has been a pleasure working alongside Dan for the past four years. It is clear the deep values that have been instilled in the Company from the early days of his father and I appreciate the trust that is being placed in me to continue the Bernstein legacy. I want to pay a special thank you to Dan for his partnership and mentorship over these past few years. It was this teamwork and mutual desire for change that led to Bel’s transformation and success. I’m confident that with our talented associates around the world, we will continue the momentum that Dan has created during his tenure.”
Peter Gilbert, Lead Director of Bel’s Board, commented, “On behalf of the Board of Directors, we want to express our deepest gratitude for Dan’s years of dedicated leadership and service to the Company and we are delighted to have him assume the role as Chairman of the Board of Directors. We also wish Farouq continued success in his new role and are excited to work closely with him as he continues to apply his vision, skills and passion in guiding the Company to cross new milestones and achieve new heights.”
Bel Fuse Inc.
300 Executive Drive
Suite 300
West Orange, NJ 07052
www.belfuse.com
tel 201.432.0463
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