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.