Strategy in TECH...
Of all the success stories of the ‘70s high end audio boom, none was more unlikely than that of Audio Research Corporation (ARC). Based in Minnesota’s Twin Cities, historically a fly-over region for hi-fi, led by a balding, bearlike founder, and offering electronics based around vacuum tubes – considered obsolete for a decade – ARC somehow survived and thrived.
Sonos, Inc. (NASDAQ: SONO) announced this week that they are adding a new member to their Board of Directors. In fact, they even increased the size of the Board to make room for this new addition. The news surprised – and impressed – many market observers, as the person they are adding is Panos Panay, a top Microsoft Corp. executive. You see, if you are not familiar with Panay, there is something special about his background that makes him an intriguing addition to the Sonos Board.
In a new filing with the Securities and Exchange Commission, Sonos, Inc. [SONO:NASDAQ] announced a series of measures to try and get company costs under control in the wake of the COVID-19 impacted economy. More drastic than previous announcements, Sonos said it will cut its global headcount, close its New York retail store, close six satellite offices, cut the CEO pay, and further cut the executive team’s pay.
Telling me, “I’m just taking some time to do those things I’ve been wanting to do for a long time,” Sandy Gross, renowned² founder of three major speaker brands (Polk Audio, Definitive Technology, GoldenEar Technology), has stepped down as President Emeritus from his most recent one – GoldenEar. In a telephone interview this week, Gross shares with Strata-gee readers his reasons for making this announcement now, and reminisces on his nearly 50-year career building three popular speaker brands now in the homes of many thousands of consumers.
Mike Park, a key partner and Chief Technology Officer (CTO) of James Loudspeaker, retired this month due to health issues, the company has announced. It would be hard to overstate Park’s influence in the growth and success of James Loudspeaker. As a key role player in the company for the last 15 years, Park has made many contributions to the company’s technology direction and product development, driving an era of rapid growth that ultimately led to James’ acquisition by Sonance in 2019.
Emerald Expositions announced this week that Sally Shankland, it most recent CEO who had been hired in June 2019 to replace resigning CEO David Loechner, has died following her month’s long battle with cancer. The company says Shankland passed away at home peacefully.
Hi-Fi Representation, a new manufacturer sales representative firm covering Texas, Oklahoma, Louisiana and Arkansas, has signed representation agreements with Atlantic Technology and Seymour Screen Excellence. The company was launched in January 2020 and says Seymour-Screen Excellence is actually one of their first lines represented.
For several days now, multiple sources have reached out to Strata-gee to report that Doug Cole, Senior Vice President and General Manager of Universal Remote Control – better known as URC – has left the company. I have confirmed his exit, a decision that marks the end of a long career leading the organization’s sales and marketing efforts.
My parents were newlyweds at the outbreak of World War II. As the war progressed, Dad became an officer in the Navy, and Mom worked as a newspaper ad copywriter (until “the boys” came home – but that’s a story for another time).
I grew up with their stories of the constant tension of that time, the uncertainty, the loneliness and despair, the shortages, the rationing, the periodic outbursts of anger and insanity— alongside acts of selflessness, kindness, and a strong sense of community.
Sound familiar?
A relatively large number of readers and industry sources have reached out to Strata-gee with word of cutbacks and layoffs at various industry brands – as the impact of coronavirus (COVID-19) takes its toll on the U.S. economy. As was reported in a post just a few days ago, jobless claims jumped dramatically – by 33% in just one month – only to be exceeded a few days later by a massive jump in claims of 3 million more unemployed workers.
