Pat Lavelle and
Announces the Appointment of Loriann
Shelton as Chief Financial Officer
ORLANDO,
Fla., Oct. 2, 2023 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive and consumer technologies for the
global markets, today announced that it has extended the employment
agreement of Chief Executive Officer Pat
Lavelle through February 28,
2025. The Company also disclosed upcoming changes to its
executive leadership and board of directors which will take effect
on March 1, 2024, the start of Fiscal
Year 2025.
The Company is pleased to announce that Loriann Shelton, who currently serves as Senior
Vice President and Chief Operating Officer, will also become Chief
Financial Officer effective March 1,
2024. Ms. Shelton will also retain her current
responsibilities as Chief Operating Officer. She will replace
Michael Stoehr, Senior Vice
President and Chief Financial Officer, who has admirably served as
CFO for over 40 years. Mr. Stoehr will be staying with VOXX, but as
of March 1, 2024, will transition to
the role of Senior Vice President and Treasurer, continuing to
support banking relationships, M&A activities, cash management,
insurance and companywide product procurement.
Pat Lavelle, Chief Executive
Officer of VOXX International stated, "I want to first congratulate
Loriann. I have watched her flourish since the first day of her
career, excelling in every position throughout. She has led our
Shared Services teams, overseeing all public reporting functions
for corporate and our various subsidiaries and since taking on the
role as COO roughly seven years ago, has managed countless projects
with precision. Our entire team couldn't be happier for her."
Lavelle continued, "I also want to acknowledge Mike's
significant contributions to VOXX. He and I have been through it
all together, and he has done so much for our company and
stakeholders, both in periods of turbulence and prosperity. He's
not going anywhere, but he has decided to take on a less strenuous
role to spend more time with family at this point in his career."
Mr. Stoehr will be resigning from the Board as of March 1, 2024 and will not be standing for
re-election at the Company's Fiscal 2024 Annual Meeting of
Shareholders.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown
into a leader in Automotive Electronics and Consumer
Electronics, with emerging Biometrics technology to capitalize on
the increased need for advanced security. Over the past several
decades, with a portfolio of approximately 35 trusted brands, VOXX
has built market-leading positions in in-vehicle entertainment,
automotive security, reception products, a number of premium audio
market segments, and more. VOXX is a global company, with an
extensive distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and many of the world's leading
automotive manufacturers. For additional information, please visit
our website at www.voxxintl.com
Safe Harbor Statement
Except for historical
information contained herein, statements made in this release
constitute forward-looking statements and thus may involve certain
risks and uncertainties. All forward-looking statements made in
this release are based on currently available information and the
Company assumes no responsibility to update any such
forward-looking statements. The following factors, among others,
may cause actual results to differ materially from the results
suggested in the forward-looking statements. The factors include,
but are not limited to the risk factors described in the "Risk
Factors" section of the Company's Annual Report on Form 10-K for
the fiscal year ended February 28,
2023, and other filings made by the Company from time to
time with the SEC, as such descriptions may be updated or amended
in any future reports we file with the SEC. The factors described
in such SEC filings include, without limitation: impacts related to
the COVID-19 pandemic, global supply shortages and logistics costs
and delays; global economic trends; cybersecurity risks; risks that
may result from changes in the Company's business operations;
operational execution by our businesses; changes in law, regulation
or policy that may affect our businesses; our ability to increase
margins through implementation of operational improvements,
restructuring and other cost reduction methods; our ability to keep
pace with technological advances; significant competition in the
automotive electronics, consumer electronics and biometrics
businesses; our relationships with key suppliers and customers;
quality and consumer acceptance of newly introduced products;
market volatility; non-availability of product; excess inventory;
price and product competition; new product introductions; foreign
currency fluctuations; and restrictive debt covenants. Many of the
foregoing risks and uncertainties are, and will be, exacerbated by
the War in the Ukraine and any
worsening of the global business and economic environment as a
result.
Investor Relations Contact:
Glenn Wiener
GW Communications (for VOXX)
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation