Loriann Shelton has been promoted to Voxx International COO “to help streamline operations, generate greater collaboration and efficiencies, and put us in better position to drive growth,” said president/CEO Pat Lavelle.
The position is new to the company.
As COO, Shelton will work with the company's leadership team to identify “various process-improvement programs to enhance efficiencies among the company's global subsidiaries,” the company added. She will oversee the corporate shared services groups, including accounting, accounts payable, corporate compliance, credit, customer service, display, human resources, logistics, operations, and web services.
Shelton was senior VP and chief accounting officer. She retains her position as chief accounting officer, responsible for budgeting, forecasting and management of Voxx’s accounting and credit groups.
Shelton has also served as chief financial officer of Voxx Electronics and Voxx Accessories, both wholly owned subsidiaries of Voxx International.
In its fiscal third quarter ending Nov. 30, Voxx posted a 13.8 percent decline in net sales to $192.5 million, with operating income falling to $3.6 million from the year-ago $16.6 million. Net income fell to $7.8 million from $15.6 million.
For the nine-month period, sales fell 13 percent to $511.1 million. The company posted a nine-month operating loss of $4.1 million compared to year-ago operating income of $17.3 million. Net income fell to $2.7 million from $13.4 million.
Voxx’s brands include Klipsch, RCA, Invision, Jensen, Audiovox, Terk, Acoustic Research, Advent, Code Alarm, Car Connection, 808, AR for Her, and Prestige. International brands include Hirschmann Car Communication, Klipsch, Jamo, Energy, Mirage, Mac Audio, Magnat, Heco, Schwaiger, Oehlbach and Incaar.