Ralph E. Faison Resigns as Chairman and CEO;
COO Alan H. Benjamin Appointed Interim CEO
John E. Major Named Interim Chairman of the
Board
Company Provides Preliminary Q2
Results
Pulse Electronics Corporation (NYSE:PULS), a leading provider of
electronic components, today announced that its Board of Directors
has named Alan H. Benjamin, Chief Operating Officer of the company,
as interim Chief Executive Officer, and John E. Major, lead
independent member of Pulse’s Board of Directors, as interim
Chairman of the Board, effective immediately. These appointments
follow the resignation of Ralph E. Faison from his positions as
Chairman of the Board, Chief Executive Officer and President of
Pulse. Mr. Faison will continue to serve as a Senior Advisor to the
company to allow for a smooth transition of his duties. The Board
will immediately begin a search for a permanent Chief Executive
Officer, which will include both internal and external
candidates.
Mr. Major said, “On behalf of the Board, I would like to thank
Ralph for his many contributions and service to Pulse during his
tenure at the company. The Board is grateful for Ralph's vision and
leadership of Pulse, and he has positioned Pulse on a clear path to
continued growth and success. The Board and Ralph mutually agreed
that now is the right time for a change in leadership as we
capitalize on the recent restructuring of Pulse’s balance sheet,
continue to reduce operating expenses and embark on the next phase
of Pulse’s growth. We look forward to working with Alan as he
assumes the role of interim CEO.”
Mr. Major continued, “Pulse is fortunate to have an executive of
Alan’s caliber to step into the interim CEO role. His long tenure
and exceptional knowledge of the company, our products and our
markets, coupled with his extensive experience managing complex
businesses and attention to driving results, will be extremely
valuable to Pulse at a pivotal time in the company’s history.”
“I am honored to serve as interim CEO, and I welcome this
opportunity to work with the Board and employees of Pulse to
realize the full potential of the company,” said Mr. Benjamin.
“Pulse is an innovative and exceptional company with outstanding
products. I am grateful for having had the benefit of working with
Ralph and look forward to building on the foundation he has laid.
In addition, I am pleased to announce that the company expects net
sales for the second quarter of 2014 of approximately $93.6
million, up 6.0 percent from $88.3 million in the prior-year
quarter, and up 14.6 percent from $81.7 million in the first
quarter.”
Mr. Faison said, “I would like to thank the Board of Directors
and the employees of Pulse for the opportunity to lead the company
over the last three years. As Senior Vice President and Chief
Operating Officer, Alan is highly familiar with the company, its
customers and its products, and is incredibly well positioned to
serve as the interim CEO.
“This is the right moment for succession in leadership,” Mr.
Faison said. “Now is the right time to put in place a new CEO to
lead the company into the next phase of Pulse's growth.”
Alan H. Benjamin's
Background
Alan H. Benjamin has served as Chief Operating Officer of Pulse
since February 2011 and as Senior Vice President since May 2008. He
joined Pulse in 1994, achieving roles with increasing
responsibility over his tenure including President of the company's
subsidiary, Pulse Electronics, Inc. (formerly known as Pulse
Engineering, Inc.), Senior Vice President of the Signal Products
Group, Vice President of the Telecommunications Division and Vice
President of the European Business Unit. Prior to joining Pulse,
Mr. Benjamin worked in various marketing, sales and engineering
positions for Hewlett-Packard and Pacific Data Products. He holds a
Bachelor of Science degree in Electrical Engineering from Duke
University and is a graduate of Harvard’s Advanced Management
Program.
John E. Major's
Background
John E. Major is the president of MTSG, a strategic consulting
and investment company. Previously, he served as the Chairman and
Chief Executive Officer of Novatel Wireless, Inc., a wireless data
access solutions company, from 2000 to 2003, where he led the
company’s successful IPO in November 2000. Prior to that, he was
the CEO of Wireless Knowledge, in addition to serving in various
executive and leadership positions at Qualcomm and Motorola. Mr.
Major has served as a director of Pulse since May 2013 and also
currently serves as lead director of the board of Broadcom
Corporation and as a director of Littelfuse, Inc., Lennox
International, Inc. and ORBCOMM Inc.
About Pulse Electronics
Corporation
Pulse Electronics is a leading electronic components partner
that helps customers build the next great product by providing the
needed technical solutions. Pulse Electronics has a long operating
history of innovation in magnetics, antennas and connectors, as
well as the ability to ramp quickly into high-quality, high-volume
production. The company serves the wireless and wireline
communications, power management, military/aerospace and automotive
industries. Pulse Electronics is a participating member of the
IEEE, SFF, OIF, HDBaseT Alliance, CommNexus, and MoCA. Visit the
Pulse Electronics website at www.pulseelectronics.com.
Safe Harbor
The preliminary financial and other data set forth in this press
release has been prepared by, and is the responsibility of, the
Company’s management. The foregoing information and estimates have
not been compiled or examined by the company’s independent auditors
nor have the company’s independent auditors performed any
procedures with respect to this information or expressed any
opinion or any form of assurance on such information. In addition,
the foregoing information and estimates are subject to revision as
Pulse prepares its financial statements and other disclosures as of
and for the three months ending June 27, 2014, including all
disclosures required by U.S. GAAP. Because the company has not
completed its normal quarterly closing and review procedures for
the three months ending June 27, 2014, and subsequent events may
occur that require material adjustments to these results, the final
results and other disclosures for the three months ending June 27,
2014 may differ materially from these estimates. These estimates
should not be viewed as a substitute for full financial statements
prepared in accordance with U.S. GAAP or as a measure of
performance.
This press release contains statements, including projections of
future business objectives and financial results, that are
"forward-looking" within the meaning of the Private Securities
Litigation Reform Act of 1995 and involve a number of risks and
uncertainties. These forward-looking statements are based on the
company's current information and expectations. There can be no
assurance these forward-looking statements, including, without
limitation, the company’s expected results of operations, that the
company will have the ability to execute its business strategy and
grow its business or that orders will be filled, will be achieved.
Actual results may differ materially due to the risk factors listed
from time to time in the company's SEC reports including, but not
limited to, those discussed in its Current Reports on Form 8-K,
Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. All
such risk factors are incorporated herein by reference as though
set forth in full. The company undertakes no obligation to update
any forward-looking statement.
Copyright © 2014 Pulse Electronics Corporation. All rights
reserved. All brand names and trademarks are properties of their
respective holders.
Pulse Electronics CorporationJim ButlerSr. Director of Finance
and Treasurer858-674-8183jbutler@pulseelectronics.com