This week, the Custom Electronic Design and Installation Association (CEDIA) unexpectedly announced that CEO Daryl Friedman would retire from the organization in 2027. No reason was offered for this unexpected retirement…and no specific date in 2027 when Friedman’s retirement was to be final was provided.
Read more on the retirement of CEDIA CEO Friedman…
What’s a little perplexing about this announcement is that no one I’ve spoken with, including some within the CEDIA organization, had any inkling that Friedman was even considering retirement. As of this date, Friedman has only been with the organization for less than five years.
The formal announcement from the Association mostly focuses on Friedman’s accomplishments as CEO. Yet some of those accomplishments named were only recently announced initiatives that have yet to play out. It will be some time before we know whether they are, in fact, accomplishments.
Landmark Programs, Workforce and Market Development
CEDIA’s announcement pointed to Friedman’s “introduction of landmark programs and services that have strengthened the professional lives of smart home professionals worldwide.” It noted how under Friedman’s leadership, “the association prioritized long-term industry health through workforce and market development.”
CEDIA credits Friedman with the “launch of CEDIA NextGen and the CEDIA Foundation to address the talent pipeline…” However, no specifics were offered as to why it considers these programs a success…such as what milestones were achieved.
Friedman Created a Dedicated Research Department…Just Now
The prepared announcement also said Friedman “created a dedicated research department to provide the industry with critical market data.” This refers to an announcement made just this month, with the first fruits of this initiative to be revealed in September. You can’t claim a win before you play the game.
Finally, CEDIA noted Friedman’s “Capitol Hill Day” initiative, in which a group of members travelled to Washington DC – where Friedman lives and works every day – to meet with select congressional representatives. The effort was viewed as an opportunity to share topics of importance to our industry with the representatives. Again, this is consistent with Friedman’s past roles as a lobbyist, but as far as the tangible benefits of this effort were not revealed.
Wildman: Friedman’s ‘Transformative Impact’
Daryl’s impact on CEDIA has been transformative. He stepped into this role at an important time for our association and immediately embraced both the industry and the people in it. Daryl leads with energy, curiosity, and a genuine passion for serving our members, and that has helped shape a stronger, more connected CEDIA. On a personal level, I’m incredibly grateful for his friendship. He will always be part of the CEDIA family.
Amanda Wildman, CEDIA Board Chairperson
It was late October 2021 when CEDIA announced the selection of Daryl Friedman as its newest CEO, with his term scheduled to begin in late November. Just before joining CEDIA, Friedman completed a 17-year stint with The Recording Academy, the organization behind the Grammys.
2021 Was a Challenging Time to Take the Reins
It was a challenging time to take the reins of the organization as the world was beginning the rocky road of transitioning from the 2020-2021 COVID era with supply chain issues and public health challenges. The world was in uncharted territory and past business patterns no longer applied.
Friedman is the highest-paid CEDIA CEO in the history of the organization. He was paid $432,367 in 2022, his first full year as CEO. That rate is double the next highest CEDIA leader’s pay. In 2022, CEDIA generated revenues of $7.9 million and expenses of $9.8 million, for a $1.8 million shortfall.
Trying to Match the Recording Academy?
It appears that in setting Friedman’s salary, the CEDIA Board was attempting to match Friedman’s pay at the Recording Academy. However, that is a much larger organization with revenues in 2021 of more than $73 million. And Friedman was not the CEO there; he was its Chief Advocacy & Public Policy Officer.
The Association’s CEO retirement announcement said Friedman also “… successfully stabilized the organization’s finances,” and there are indications that this is the case.
CEDIA Finances Appear More Stable in 2024
The CEO’s compensation has grown to just under $550,000 in 2024, the last year for which the organization has filed Form 990 with the IRS. However, that year CEDIA’s budget improved to revenues of $13.7 million and expenses of $12.3 million for a net gain of $1.5 million.
It has been the honor of my professional life to lead this association through a period of significant transformation. With a strong Board led by integrator Amanda Wildman and team of committed professionals that has earned the Great Place to Work® certification for the past two years, I can pass the baton with confidence. My focus into next year will be to ensure a smooth handoff and set up the next CEO for success.
Daryl Friedman, CEDIA Global President and CEO
Board to Develop a Transition Plan at Next Meeting
The CEDIA Board plans to develop a transition plan at its upcoming regularly scheduled Board meeting in June.
For more information on CEDIA, visit cedia.org.
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