Strategy in TECH...
Fidelity Imports, a U.S. importer and distributor of fine, upscale audio products, announced this month the appointment of Derek Kolterman as Director of Finance and Operations. The move is said to be the result of dramatic company growth driving the need for personnel expansion.
Masimo Corporation (NASDAQ: MASI), the parent company of Sound United, announced its financial results for fiscal 2022, third quarter this week, which covers the 90-day period ending on October 1, 2022. Results for the company, which makes and sells medical equipment and AV products, were mixed, showing good growth in revenues (sales) but a decline in earnings (profits).
Why were results mixed? Read on…
Sonance announced last week that it was transitioning its business model in Canada from one centered around a distribution model with an in-country partner responsible for all sales and servicing in the country to a new direct one where Sonance HQ will directly handle all sales and service of its products there. This week, we learn that the company has appointed a new National Sales Manager for Canada, responsible for implementing this new business model, building an all-new sales team, and managing their sales operations there.
That new executive is Toronto-based sales professional Brad Middleton.
Emerald Holding, Inc. (NYSE: EEX), parent company of Emerald Expositions, a large B2B trade show, conference, and event company, reported the financial results of its fiscal third quarter and you could almost feel the relief of a company rapidly climbing its way out of the deep hole into which COVID-19 had thrust them. I follow Emerald’s results because the company owns the CEDIA Expo trade show, as well as CE Pro and other media properties that participate in the custom integration industry.
On Wednesday, CEDIA Global President and CEO Daryl Friedman sent a letter to all members advising them that the election process for new Board members has been completed – and that the slate of three Board-selected candidates for the three open Board seats has now been filled by Stephan Goodhue, Jennifer Mallett, and James Ratcliffe. The cheery tone of the letter belies the fact that the election process was viewed by many as tainted and has inflamed anger from what seems to be a fairly significant percentage of members who resent losing the opportunity to vote for a candidate of their choice.
However, in this letter, Friedman did allow that “…we need to do a better job of communication.”
On Monday, WiSA Technologies, Inc., a “developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems,” announced that it has hired an advisor to aid them in moving forward with an “exploration of strategic alternatives” for the company.
In other words, it is putting itself up for sale.
Draper Inc., a major manufacturer of shades, projection screens, solar control solutions, and more, announced this week a move to build up its management infrastructure to support its push into the residential custom integration channel. As part of this process, it has promoted Chris Sitarov and Pat Herron from within to two new Director of Sales roles overseeing the company’s sales force.
Sonance announced this week that it is transitioning its residential business in Canada to a direct model, ending its distributor-led approach that has existed there for several years. Beginning on January 1, 2023, all sales and service of residential products from Sonance, James Loudspeaker, and IPORT will be handled directly by Sonance’s salesforce.
Politan Capital Management LP filed an amended Schedule 13D to report to the Securities and Exchange Commission (SEC) two important actions the activist investment company had recently taken. One of those actions was that it had increased its holdings of Masimo Corporation (NASDAQ: MASI) to 4,648,869 shares or nearly 9% of the company’s outstanding shares – making it a significant owner. And the second action? Politan has filed a “Verified Complaint” against the company and its Board of Directors – and boy, that complaint is a doozy!
This week, AVNation features Ted Green – me – on a special episode discussing the CEDIA Director Elections taking place right now. As you may know, there was some controversy surrounding this election as CEDIA’s board decided to change the normal election process where association members pick from a selection of nominees to vote on those they want on the Board of Directors. Instead, this year members vote with a simple yes/no on a predetermined slate of candidates selected by the Board’s Governance Committee.
