Bel Appoints Thomas E. Dooley and Dr. Rita Smith to Board of Directors
February 19 2020 - 4:52PM
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 Thomas E. Dooley and Dr. Rita Smith have been
appointed to Bel’s Board of Directors. Bel also announced
that Robert H. Simandl and Norman Yeung have retired from Bel’s
board effective today. Mr. Simandl served on Bel’s board
since 1967 and was additionally a committee member on Bel’s
Executive and Nominating committees. Mr. Yeung was a member
of Bel’s board since 2013.
Mr. Dooley, 63, is the former Interim CEO and
Chief Operating Officer of Viacom Inc., a Fortune 500 entertainment
company with $13 billion in annual sales. Throughout his
career at Viacom, Mr. Dooley held a variety of executive positions
including Chief Operating Officer, Senior Executive Vice President,
Chief Financial Officer and Chief Administrative Officer, and
served on the Viacom Board of Directors for ten years. Prior
to re-joining Viacom in 2006, Mr. Dooley was Co-Chairman and Chief
Executive Officer of DND Capital Partners, L.L.C., a private equity
firm specializing in media and telecommunications investments, from
May 2000 until September 2006. Prior to that, Mr. Dooley held
various corporate and divisional positions at a predecessor of
Viacom, which he first joined in 1980, including Deputy Chairman
and member of its Executive Committee. Mr. Dooley received a
Bachelor’s Degree from St. John’s University and an M.B.A from New
York University.
Dr. Smith, 69, a partner at C-Suites Healthcare
Advisors, has an extensive track record spanning three decades in
strategic resource planning and budgeting, information management
systems, case management, and reporting and compliance. As
the Senior Vice President of Patient Care Services and Chief
Nursing Officer at Jersey City Medical Center/Robert Wood Johnson
Barnabas Health for fifteen years, Dr. Smith had P&L
responsibility for a staff of 1,500 and an operating budget of $150
million, and led the turnaround from annual multi-million dollar
losses to profitability for her operating unit. Dr. Smith
holds a Doctor of Nursing Practice from Rutgers University, a
Master’s in Public Administration-Health Care Policy from New York
University and a Bachelor’s Degree in Nursing from Kean
University.
“We’re excited to have the opportunity to add
executives of this caliber to the Bel board. Having held so many
executive-level positions at a well-known public enterprise such as
Viacom, Tom Dooley has the experience to assist us with all aspects
of our growth strategy, particularly in mergers and acquisitions
and his experience working with a variety of financial
institutions. Rita’s proven ability to manage people, processes,
and information systems is also going to be a very valuable
resource to Bel’s management team and ultimately to our
shareholders,” commented Daniel Bernstein, Chief Executive Officer
of Bel.
“Words cannot express our gratitude to Bob
Simandl for his guidance to Bel over the past 50 years. Bob
has been a mentor to me personally for the last 25 years, and prior
to that, was a confidant to my father, Elliot Bernstein, and my
uncle, Howard Bernstein, founders of Bel. His support in the
early stages of our history was such an integral part to Bel’s
success of today. On behalf of the executive team and board,
I would like to thank Bob for his numerous and important
contributions to Bel which spanned five decades. We wish him
the best of success in his second retirement.
“We would also like to express our appreciation
to Norman Yeung, whose background in sales and marketing within the
electronics industry, particularly in Asia, was instrumental in
supporting our revenue initiatives in that region. His
insights and knowledge on the Far East were most appreciative by
Bel’s management and we wish Norman the best of success in his
future endeavors,” concluded Mr. Bernstein.
With the retirement of Mr. Simandl and Mr.
Yeung, and the addition of Mr. Dooley and Dr. Smith, the company’s
board of directors remains at nine members, eight of whom are
independent within the meaning of SEC and NASDAQ regulations.
Mr. Dooley and Dr. Smith will stand for election for a three-year
term at the Company’s upcoming annual shareholders meeting in May
2020.
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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