Bel Fuse Appoints Farouq Tuweiq, Former Investment Banker, as Chief Financial Officer
January 05 2021 - 8:01AM
Bel Fuse Inc. (“Bel,” or, “the Company”)
(Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products
that power, protect and connect electronic circuits, today
announced that Farouq Tuweiq has been named Chief Financial Officer
of Bel Fuse Inc., effective February 15, 2021.
Daniel Bernstein, Chief Executive Officer of Bel
commented, “Farouq is a skilled senior professional with a unique
background in acquisitions, capital markets, finance, and
accounting that will greatly enhance our ability to accelerate and
execute our growth strategy. He will be keenly focused on various
pathways to unlock and create shareholder value both organic and
inorganic. We have made the commitment to Farouq knowing that our
entire organization and stakeholders will be well-served by adding
the energy, experience, contacts and other resources he brings to
Bel, and we look forward to him joining the team.”
Most recently, Farouq worked at BMO Capital
Markets, member of BMO Financial Group, where he led and helped
build the Industrial Technology Investment Banking practice. Farouq
spent his banking career advising public, private equity-backed,
and privately-held companies in the Electronic Components sector,
including manufacturers of connectors, passives, magnetics, on
Mergers & Acquisitions and capital raising.
Previously, Farouq worked at Schneider Electric,
a public multinational energy efficiency and automation provider,
in its North American headquarters within the FP&A group
focused on budgeting, forecasting, and business planning. Prior to
that, he worked at Ernst and Young, within the audit group, serving
public and private manufacturing and financial companies. During
his tenure, he worked on various audits, review of SEC filings, IPO
preparation, implementation and testing of Sarbanes-Oxley, and
carve-out financials while obtaining his CPA certification.
He earned his B.A in Finance and MS in
Accounting from Michigan State University and his MBA at Georgetown
University, McDonough School of Business.
Forward-Looking
StatementsNon-historical information contained in this
press release (including the statements regarding fourth quarter
sales, anticipated cost savings from the closure of our Power
R&D facility in Uster, Switzerland and our sales office in
Germany, as well as from a streamlining of our North America sales
organization, and the impact of potential future acquisitions) are
forward-looking statements (as described under the Private
Securities Litigation Reform Act of 1995) that involve risks and
uncertainties. Actual results could differ materially from Bel's
projections. Among the factors that could cause actual results to
differ materially from such statements are: the market concerns
facing our customers; the continuing viability of sectors that rely
on our products; the impact of public health crises (such as the
governmental, social and economic effects of COVID-19); the effects
of business and economic conditions; difficulties associated with
integrating previously acquired companies; capacity and supply
constraints or difficulties; product development, commercialization
or technological difficulties; the regulatory and trade
environment; risks associated with foreign currencies;
uncertainties associated with legal proceedings; the market's
acceptance of the Company's new products and competitive responses
to those new products; the impact of changes to U.S. trade and
tariff policies; and the risk factors detailed from time to time in
the Company's SEC reports. In light of the risks and uncertainties
impacting our business, there can be no assurance that any
forward-looking statement will in fact prove to be correct. We
undertake no obligation to update or revise any forward-looking
statements.
About BelBel (www.belfuse.com)
designs, manufactures and markets a broad array of products that
power, protect and connect electronic circuits. These products are
primarily used in the networking, telecommunications, computing,
military, aerospace, transportation and broadcasting industries.
Bel's product groups include Magnetic Solutions (integrated
connector modules, power transformers, power inductors and discrete
components), Power Solutions and Protection (front-end, board-mount
and industrial power products, module products and circuit
protection), and Connectivity Solutions (expanded beam fiber optic,
copper-based, RF and RJ connectors and cable assemblies). The
Company operates facilities around the world.
Investor Contact:Peter
Seltzberg, Managing DirectorDarrow Associatestel
516.419.9915pseltzberg@darrowir.com
Company Contact:Daniel
BernsteinPresidentir@belf.com
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