VOXX International Corporation Announces Changes to its Board of Directors
VOXX International (NASDAQ: VOXX) announced significant changes to its Board of Directors. Ari M. Shalam has been unanimously elected as the new Chairman of the Board, succeeding his father, John J. Shalam, who becomes Chairman Emeritus after nearly 65 years since founding the company. Beat Kahli remains as Vice Chairman.
Ari Shalam expressed his commitment to transforming the company, restructuring operations, and improving financial positions. He highlighted the recent sale of domestic accessories assets as part of this effort. Despite challenging global markets, he expressed confidence in returning VOXX to profitability.
VOXX International is a leader in Automotive Electronics and Consumer Electronics industries, with a portfolio of approximately 35 trusted brands and an extensive global distribution network.
VOXX International (NASDAQ: VOXX) ha annunciato importanti cambiamenti nel suo Consiglio di Amministrazione. Ari M. Shalam è stato eletto all'unanimità nuovo Presidente del Consiglio, succedendo a suo padre, John J. Shalam, che diventa Presidente Emerito dopo quasi 65 anni dalla fondazione dell'azienda. Beat Kahli rimane in carica come Vice Presidente.
Ari Shalam ha espresso il suo impegno a trasformare l'azienda, ristrutturando le operazioni e migliorando la situazione finanziaria. Ha evidenziato la recente vendita di beni domestici come parte di questo sforzo. Nonostante le sfide nei mercati globali, ha espresso fiducia nel riportare VOXX alla redditività.
VOXX International è un leader nei settori dell'Elettronica Automobilistica e dell'Elettronica di Consumo, con un portafoglio di circa 35 marchi fidati e un'ampia rete di distribuzione globale.
VOXX International (NASDAQ: VOXX) anunció cambios significativos en su Junta Directiva. Ari M. Shalam ha sido elegido unánimemente como el nuevo Presidente de la Junta, sucediendo a su padre, John J. Shalam, quien se convierte en Presidente Emérito después de casi 65 años desde la fundación de la empresa. Beat Kahli sigue como Vicepresidente.
Ari Shalam expresó su compromiso de transformar la compañía, reestructurando las operaciones y mejorando las posiciones financieras. Destacó la reciente venta de activos de accesorios domésticos como parte de este esfuerzo. A pesar de los desafiantes mercados globales, expresó confianza en devolver a VOXX a la rentabilidad.
VOXX International es un líder en las industrias de Electrónica Automotriz y Electrónica de Consumo, con un portafolio de aproximadamente 35 marcas de confianza y una extensa red de distribución global.
VOXX International (NASDAQ: VOXX)는 이사회의 중대한 변화를 발표했습니다. Ari M. Shalam이 새로운 이사회 의장으로 만장일치로 선출되었으며, 이는 회사를 창립한 아버지 John J. Shalam의 뒤를 잇는 것입니다. 존은 이번에 명예 의장이 됩니다. Beat Kahli는 부의장직을 유지합니다.
Ari Shalam은 회사를 변화시키고, 운영을 재구성하며, 재정적 위치를 개선하겠다는 의지를 표현했습니다. 그는 이러한 노력의 일환으로 최근 국내 액세서리 자산의 매각을 강조했습니다. 어려운 글로벌 시장에도 불구하고, 그는 VOXX를 수익성으로 돌리겠다는 확신을 나타냈습니다.
VOXX International은 자동차 전자 및 소비자 전자 산업의 선두주자로, 약 35개의 신뢰받는 브랜드와 폭넓은 글로벌 유통망을 가지고 있습니다.
VOXX International (NASDAQ: VOXX) a annoncé des changements significatifs au sein de son Conseil d'Administration. Ari M. Shalam a été élu à l'unanimité nouveau Président du Conseil, succédant à son père, John J. Shalam, qui devient Président Émérite après près de 65 ans depuis la fondation de l'entreprise. Beat Kahli reste Vice-Président.
Ari Shalam a exprimé son engagement à transformer l'entreprise, restructurer les opérations et améliorer la situation financière. Il a mis en avant la récente vente d'actifs d'accessoires domestiques comme partie de cet effort. Malgré des marchés mondiaux difficiles, il a exprimé sa confiance pour ramener VOXX vers la rentabilité.
VOXX International est un leader dans les secteurs de l'Électronique Automobile et de l'Électronique Grand Public, avec un portefeuille d'environ 35 marques de confiance et un vaste réseau de distribution mondial.
VOXX International (NASDAQ: VOXX) hat bedeutende Veränderungen im Vorstand angekündigt. Ari M. Shalam wurde einstimmig zum neuen Vorsitzenden des Vorstands gewählt und folgt damit seinem Vater, John J. Shalam, der nach fast 65 Jahren seit der Gründung des Unternehmens zum Ehrenvorsitzenden wird. Beat Kahli bleibt als Vizevorsitzender im Amt.
Ari Shalam äußerte sein Engagement, das Unternehmen zu transformieren, die Abläufe neu zu strukturieren und die finanzielle Lage zu verbessern. Er hob den kürzlichen Verkauf von Inlands-Zubehörressourcen als Teil dieses Vorhabens hervor. Trotz schwieriger globaler Märkte äußerte er Vertrauen, VOXX wieder profitabel zu machen.
VOXX International ist ein führendes Unternehmen in der Automobil- und Verbraucherelektronikbranche mit einem Portfolio von etwa 35 vertrauenswürdigen Marken und einem umfangreichen globalen Vertriebsnetz.
- Ari M. Shalam elected as new Chairman, bringing fresh leadership perspective
- Ongoing restructuring efforts, including sale of domestic accessories assets
- Commitment to returning VOXX to profitability
- Continuity in corporate governance with Beat Kahli remaining as Vice Chairman
- Company currently in transition phase
- Challenging global market conditions affecting operations
- Need for operational and financial improvements
Ari M. Shalam Elected Chairman of the Board of Directors;
John J. Shalam Becomes Chairman Emeritus and Beat Kahli Remains Vice Chairman
Ari M. Shalam, the Company's new Chairman commented, "It is with great honor that I take on this role as Chairman, continuing my father's legacy. His commitment to all VOXX employees, partners, customers and shareholders has never wavered and I could not be prouder of him and the example he has set for us all. I congratulate him on all that he has accomplished and, feel good knowing that he will continue to provide invaluable counsel as Chairman Emeritus. We have a lot of work ahead of us as we transform the company, restructure operations, simplify our business offerings, and improve both our operational and financial positions. The recent announcement regarding the sale of some of our domestic accessories assets is a testament to this ongoing effort. While the global markets remain challenged, we are confident in our ability to return VOXX to profitability."
John J. Shalam, Chairman Emeritus added, "I have dedicated the majority of my life to VOXX, and the time has come for me to officially pass the torch. We have enjoyed so many strong years throughout my career, and we have also lived through countless recessions and global events. While we are currently in transition, I leave the Company in great hands under the leadership of Pat Lavelle and the stewardship of the Board. I am proud of what we have accomplished and believe the best is still to come for VOXX and its shareholders."
Both Ari Shalam and Beat Kahli were appointed Co-Vice Chairman in July 2022. Mr. Kahli will remain Vice Chairman of the Board, leading to ongoing continuity in corporate governance and Board oversight.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries. Over the past several decades, with a portfolio of approximately 35 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.
Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to the risk factors described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports we file with the SEC. The factors described in such SEC filings include, without limitation: impacts related to the COVID-19 pandemic, global supply shortages and logistics costs and delays; global economic trends; cybersecurity risks; risks that may result from changes in the Company's business operations; operational execution by our businesses; changes in law, regulation or policy that may affect our businesses; our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction methods; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations; and restrictive debt covenants. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the War in the Ukraine and any worsening of the global business and economic environment as a result.
Investor Relations Contact:
Glenn Wiener, GW Communications (for VOXX)
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation
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