Recoton Appoints Mark Finger Managing Director of Subsidiaries
22 December 1999
Recoton Corporation Appoints Mark Finger Managing Director of European and Japanese Subsidiaries
LAKE MARY, Fla.--Dec. 22, 1999--Headquarters
Recoton Corporation (Nasdaq National Market: RCOT), a leading global consumer electronic accessory, loudspeaker and car audio company, today announced that Mark Finger has been appointed Managing Director of Recoton European Holdings, Inc., replacing Jeremy Mermagen who is retiring at the end of December 1999. Mr. Finger has also been appointed Managing Director for Recoton's European and Japanese car stereo and home audio subsidiaries with additional responsibilities for international activities.
Mr. Finger has been with the Company and its predecessors since 1987 and continues to serve as Managing Director of Recoton German Holdings, Inc. and subsidiaries.
In continuing to implement the initiatives outlined in its previously announced comprehensive business plan, Recoton also announced that it expects to relocate all European car stereo and home audio logistical, sales and administrative activity to its current European headquarters in Cologne, Germany. This should be completed during the first half of 2000. Concurrent with this organizational change, Recoton UK Limited, the Company's European accessory subsidiary under Managing Director Andrew Shephard, will now report directly to Recoton Corporate.
Robert Borchardt, President and CEO of Recoton, stated, "We extend our deepest appreciation and sincere gratitude to Jeremy for all he has done for Recoton. We also thank Jeremy for agreeing to continue to work for Recoton as International Sales Consultant. In this new role, we will continue to benefit from his experience and counsel as he assists us in transitioning European business activities to Cologne. We also welcome Mark to his new responsibilities. During his tenure, Mark has already made important contributions to Recoton. He has demonstrated the experience and capabilities necessary to help lead the Company's international operations. We also anticipate that his experience within our organization will promote a seamless transition to his new responsibilities."
Mr. Borchardt concluded, "Recoton's new headquarters in Germany will give us a single facility from which to capitalize on the emerging European markets. It also represents our commitment to becoming a leaner, more responsive and efficient enterprise while strengthening our global presence."
Recoton Corporation, is a global leader in the development, manufacturing and marketing of consumer electronic accessories, loudspeakers and car audio products. Recoton's more than 4,000 products feature highly functional accessories for audio, video, car audio, camcorder, multi-media/computer, home office, cellular and standard telephone, music and video game products and 900MHz wireless technology headphones and speakers. They are sold under the AAMP(R), Ambico(R), Ampersand(R), AR(R)/Acoustic Research(R), Discwasher(R), InterAct(R), Parsec(R), Peripheral(R), Performance(TM), Recoton(R), Rembrandt(R), Ross(TM), SoleControl(R), SoundQuest(R) and Stinger(R) brand names. The Company also produces and markets audio components, high fidelity loudspeakers, home theater speakers, and car audio speakers and components which are sold under the Advent(R), AR(R)/Acoustic Research(R),HECO(TM), Jensen(R) , MacAudio(R), Magnat(R), NHT(R) (Now Hear This), and Phase Linear(R) and Recoton(R) brand names.
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of l995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Such statements speak only as of the date made. Please refer to the Company's Form 10-K and other SEC filings.