Lodi, N.J. — Longtime Cardinal Electronics executive Bill Lyons has purchased the CE distribution company from its president, David Slater. Details of the buyout were not disclosed.
The company — which distributes lines including Yamaha, Denon, BDI, Sanus, JVC and more — was founded in 1946 by the late Marty Slater; his son David purchased the company approximately 28 years ago and held the role of president until the completion of this sale. Lyons, who held the role of VP since 2006, is now the president. Slater will aid the company’s transition by remaining in a consultant role for one year.
“I am thrilled to have Bill lead our company forward. He has been instrumental in the growth of Cardinal, the linchpin in its success. While we were approached with offers in recent years, including alliances, the passing of the baton to Bill was never in doubt. Our employees are thrilled, our vendors are comfortable and pleased, and the transition is seamless,” said Slater.
Lyons joined Cardinal in 1988, became general manager in 2001 and VP in 2006.
“I am excited about the opportunity at hand,” said Lyons. “It has been a pleasure working with David. I plan to continue the tradition of excellence he has established as Cardinal moves forward into the new and exciting product areas our industry offers.”
Lyons confirmed to TWICE that he does have plans to expand the company’s product coverage into new categories; however, he said he could not provide details at this juncture. Lyons also said that it is likely he will announce new supporting executive appointments, but that he is not prepared to do so at the moment.