Ari M. Shalam Elected Chairman of the Board of
Directors;
John J. Shalam Becomes Chairman Emeritus and
Beat Kahli Remains Vice Chairman
ORLANDO,
Fla., Aug. 13, 2024 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive and consumer technologies for the
global markets, today announced that its Board of Directors has
unanimously elected Ari M. Shalam to
Chairman of the Board of Directors. After nearly 65 years since the
Company was founded, John J. Shalam,
has stepped down from this position, becoming Chairman
Emeritus.
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