By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Targus Group International has named Michael Hoopis CEO.
Hoopis joined Targus from Water Pik, where he was president/CEO for the past seven years. He was responsible for overseeing the spin-off and transition of Water Pik from a segment of Allegheny Teledyne to a public company in 1999. Prior to Water Pik, Hoopis held several management positions at Black & Decker, Price Pfister, Kwikset and Beatrice Foods.
He replaces Eric Brenk, an advisor to Targus parent, Fenway Partners, who was serving as interim CEO since Fenway's purchase of the company in September 2005. Brenk will return to his role at Fenway while continuing to work with Targus as a consultant.
In addition, Water Pik chief financial officer Victor Streufert has followed his boss to Targus, assuming the positions of CFO, treasurer and executive VP. Streufert replaces John McAlpine, who has left the company to pursue other opportunities, according to a Targus statement.
Howard Johnson, chairman of of Targus, and Timothy Mayhew, managing director of Fenway Partners, jointly commented on the moves in a release: "We are delighted that Mike has joined Targus to provide the leadership and consumer products expertise necessary to lead the next phase of the company's development … His ability to quickly develop and execute focused business plans in difficult competitive environments has led to consistent sales and profit improvements and significant increases in enterprise values."
Under Hoopis and Streufert's watch, Water Pik's stock share price nearly quadrupled from the time of the company's spin-off.
Prior to Water Pik, Streufert served as senior VP/CFO of National Telephone & Communications.
"Targus would like to thank John McAlpine for over four years of service as CFO. We wish him well in his future endeavors," Johnson and Mayhew said.
Targus Group International is owned by an investor group that includes Fenway Partners, a private equity firm, the Johnson family and Crimson Investments, an investment firm.
Targus markets notebook PC cases and mobile accessories. Fenway Partners purchased Targus for $382 million dollars in 2005.
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