Klipsch Group, Inc. announces CEO Fred Klipsch is stepping down
Audio industry leader reflects on 22 years of company growth and ingenuity
INDIANAPOLIS (June 1, 2011) — Klipsch Group, Inc.(KGI), owner of the Klipsch®, Energy®, Mirage® and Jamo® audio brands, announces today that chairman and CEO Fred S. Klipsch will step down as CEO after 22 years of leadership. Company president and COO Paul Jacobs has been appointed CEO, effective June 1.
Throughout his over 20 year tenure, Klipsch has been committed to expanding the company’s dominant market position and reach into new distribution channels, including the growth of international sales from 5 percent to 40 percent over the last five years. Executing new channel opportunities for KGI, such as the burgeoning home theater market in the early 1990s and personal audio products in the 2000s, has made an indelible mark in the evolution of the company’s product lines and global distribution.
On March 1, 2011, Klipsch was acquired by Audiovox Corporation who intends to invest the resources necessary to keep the brand and it’s philosophy, culture and history of quality at the head of the industry for years to come. Fred Klipsch will stand for election to the Audiovox Board of Directors later this summer.
“I’ve always been focused on taking the company to the next level, and Audiovox is the ideal partner to lead Klipsch Group into the homes and ears of a new generation of consumers,” said Fred Klipsch. “Our company experienced its most profitable year to date in 2010, and the momentum continues to build with the introduction of over 30 new products this year. As a public company, Audiovox’s expansive resources are perfectly aligned to enable Klipsch Group to build upon its strength in the marketplace for years to come.”
John Shalam, Chairman of Audiovox Corporation stated, “Fred Klipsch is an icon in the consumer electronics industry and we are looking forward to his joining the Audiovox Board of Directors later this summer. He brings a level of experience in the development and marketing of high end products that will benefit all of our lines and brands. “
Klipsch will continue to serve as Chairman of the KGI board of directors and is expected to join the Audiovox Board of Directors in July. He will also continue his duties as Vice Chairman and a member of the Board of Health Care REIT (NYSE: HCN). Passionate about improving the education of underprivileged children and other philanthropic endeavors, Klipsch also looks forward to investing more time in his roles as Chairman of School Choice Indiana, Hoosiers for Economic Growth Network, the Educational Choice Charitable Trust and the Education Committee for the Indiana Chamber of Commerce.
About Klipsch Group, Inc.
Klipsch Group, Inc. (KGI) is a leading global manufacturer of premium sound solutions for the consumer and professional markets. With the legendary Klipsch®, Jamo®, Mirage® and Energy® brands under its corporate umbrella, KGI offers over 160 collective years of superior engineering and world-class research and development experience. Today, KGI is responsible for the sales of hundreds of premium speakers for every lifestyle, application and budget. The company’s diverse product portfolio encompasses home theater, professional cinema, installed whole-house contracting, commercial, computer speakers, iPod docks and headphones.
For more information on the company’s history, executives and products, please visit klipsch.com.
Audiovox Corporation (NASDAQ:VOXX) is a leading, global supplier of mobile and consumer electronics products. The Company is the number high-end one loudspeaker company in the world and is also a recognized leader in the marketing of automotive entertainment, vehicle security and remote-start systems. Its’ extensive distribution network includes power retailers and 12-volt specialists as well the major Original Equipment Manufacturers (“OEMs”), both domestically and abroad. The Company is also a recognized leader in the consumer electronics and accessories markets, selling to major retailers worldwide.
Audiovox possesses a strong brand portfolio and its products ranks among the top ten in almost every category in which they sell. Domestic brands include Audiovox, Klipsch, RCA, Invision, Jensen, Omega, Energizer, Terk, Acoustic Research, Advent, Code Alarm, Prestige, Excalibur and SURFACE. International brands include Klipsch, Jamo, Energy, Mirage, Mac Audio, Magnat, Heco, Schwaiger, Oehlbach and Incaar.
Headquartered in Hauppauge, NY, Audiovox has two manufacturing facilities in the United States, several domestic sales and marketing affiliates, and a robust international footprint with offices in Europe, Asia, Canada, Mexico and Venezuela.
For additional information, visit our Web site at www.audiovox.com.