Vista, Calif. – DEI Holdings announced multiple executive changes that it said would accelerate new product development and boost sales in its Polk Audio, Definitive Technology and Directed Electronics divisions.
Under
the changes, DEI president/CEO Jim Minarik becomes DEI chairman/CEO. Kevin
Duffy, DEI chief financial officer and Directed Electronics president, becomes
DEI president/chief financial officer. Directed Electronics marketing executive
VP Mike Simmons becomes president of Directed Electronics’ newly merged U.S.
and Canadian business units, and Directed Canada president Julien Joly becomes
COO of the merged units.
In
other management changes, Veysel Goker has been promoted to DEI Holdings VP of finance
and information technology. Dan Brockman has been hired as DEI Holdings corporate
controller and treasurer. James Turner has been promoted to the position of product
management VP for Directed Electronics. And Directed Electronics senior sales
VP Glen Busse becomes senior sales VP for Directed’s merged U.S. and Canadian
units.
The
changes follow DEI’s June acquisition by Charlesbank Capital Partners, whose
managing director, Michael Choe, said the appointments “will provide the needed
focus and resources to innovate in headphones, personal audio products, and
soundbars as well as accelerate our development of automotive telematics
solutions through our successful Viper SmartStart platform.” Charlesbank bought
DEI “based on our underlying belief that the company is well-positioned to
capitalize on the increasing presence of a mobile culture, fueled by the rapid
adoption of smartphones and tablets,” Choe noted.
The changes will also help Jim Minarik, who
was DEI’s CEO for 10 years, “ensure continued organizational innovation and
personnel development, while also facilitating greater efficiencies across
DEI’s business units,” the company added.
Duffy, who joined DEI Holdings in 2003, will
in his new position “be even better positioned to help continue growth in each
of our business units, as well as through acquisitions,” Minarik said. Duffy
will head up the effort to position Polk and Definitive Technology firmly in
the headphone, personal audio and soundbar markets, Minarik told TWICE.
Definitive, for example, plans its first active soundbar in mid-2012, having
sold passive soundbars in the past.
Minarik
remains president/CEO of Definitive and Polk, though Duffy will head up the two
brand’s expansion in the headphone, personal audio and soundbar markets, Minarik
noted.
Although
Charlesbank is focused primarily on organic growth, Minarik also said, DEI has
begun looking at potential acquisitions as well. DEI’s last acquisition came in
2006, when it purchased Polk. DEI went through a consolidation and downsizing
in 2008, then posted a “solid year” in 2010 and again so far in 2011, Minarik
noted.
