Strategy in TECH...
Premium Audio Company, a division of VOXX International and operator of brands such as Onkyo, Integra, Pioneer, and Elite, confirmed today that it has instituted a round of layoffs to “right-size” company operations based on current macroeconomic trends. The company has also confirmed that it has decided, for the second year in a row, not to participate in next week’s CEDIA Expo 2022, due to product roadmap cycles.
VOXX International Corporation (VOXX), owner of Premium Audio Company (PAC) and many other brands, announced this week that it has launched a new e-commerce platform. This new platform is initially being rolled out at Premium Audio Company – the division that operates brands such as Klipsch, Jamo, Onkyo, Integra, Pioneer, Elite, Magnat, and Heco.
Nationwide Marketing Group (Nationwide) continues to hit the accelerator pedal as it seeks to build upon its plans to expand the custom integration segment for the group, first indicated when it acquired another CI-centric group, Azioned Unlimited, back in October of 2021. Now Nationwide is announcing that Andy Orozco, a former top (and long-time) executive with ProSource, has joined the organization as its Senior Vice President of Custom Integration.
Masimo, a medical products company that acquired Sound United in February 2022, announced on Monday that it is naming Blair Tripodi as Chief Operating Officer (COO) for its new Consumer division. At this time, the Masimo Consumer division consists almost exclusively of the Sound United business. Tripodi moves into the role originally given to former Sound United CEO Kevin Duffy, although Duffy was offered the title of President.
Draper, Inc., an Indiana-based maker of commercial shades, announced this week that they have created a new role at the company targeted specifically at the residential custom integration channel. The new role is called Director of Residential Markets and the man filling this new role is Clint Childress.
This week, Crestron Electronics held a special Supply Chain Town Hall meeting with their dealers to conduct a deep dive into the root causes of their delivery delays, suggest what actions dealers can take, and offer a preview of what to expect in the future. The action was taken, the company says, in the name of transparency – a noble goal. But some dealers are asking what took so long – we are now 2½ years into supply chain issues and things don’t seem to be getting any better at Crestron. Or are they?
A lawsuit alleging a variety of deceptive practices by Mobile Fidelity Sound Lab, Inc. (Mobile Fidelity or MoFi), a major player in the premium analog vinyl record community, has been filed by premium vinyl record fan Adam Stiles. Stiles is bringing this case on behalf of himself “…and all others similarly situated against Defendent Mobile Fidelity Sound Labs, Inc.”
Those whom he seeks to represent are all customers who purchased MoFi products since 2011 on the basis of the company’s assurance of its products’ pure analog, direct from the master tape, heritage. It turns out that this crucial selling point for the company is…allegedly…in many cases, a lie.
On April 11, 2022, Masimo Corp. appointed Kevin Duffy – then CEO of Sound United – President of the Consumer Division of Masimo Corp. as part of its $1 billion acquisition of Viper Holdings Corp., Sound United’s parent company. Duffy was offered a fairly rich package, with salary and certain other benefits and perks that could be worth millions of dollars, in some cases after a vesting period.
Then, just ninety days later, the company filed paperwork with the SEC saying that it had terminated Duffy “without cause.”
Late last week, Sony Group announced that they were cutting their net profit forecast for the current fiscal year, fiscal 2022 which ends March 2023. Why are they trimming their profit expectations? It appears that Sony is experiencing its version of a post-COVID Peloton/Netflix sales decline as video game sales are weakening and its costs related to a recent acquisition are rising.
Shizuoka, Japan-based Yamaha Corporation – the world’s largest musical instrument maker that also offers pro, commercial, and residential audio gear is warning markets that the global chip shortage – while improving marginally lately – is still creating challenges that constrict manufacturers’ ability to achieve production goals. It is the first such warning I’ve seen from a company well known for acoustic pianos – but whose electronic instruments and audio gear generate more revenue.
