DEI Holdings, Parent Company of Polk Audio, Definitive Technology and Directed Electronics, Announces Executive Appointments

VISTA, Calif., Oct. 27, 2011 /PRNewswire/ -- DEI Holdings, a leader in consumer audio solutions and vehicle security & control systems, today announced significant changes to its organization. These executive appointments are designed to accelerate new product innovation and further grow its three core operating divisions – Polk Audio, Definitive Technology, and Directed Electronics, which principally sells under the Viper, Autostart, Clifford, and Python brands.

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Effective immediately, Jim Minarik, the current President & CEO of DEI Holdings, will become Chairman of the DEI Board of Directors in addition to his CEO duties.  Kevin Duffy, the current CFO of DEI and President of Directed, is being promoted to President of DEI Holdings and will continue as a member of the Board of Directors.  Mr. Duffy will retain his CFO responsibilities.  Mike Simmons and Julien Joly are being promoted to President and Chief Operating Officer, respectively, of the Directed Electronics division.  There will be no changes in the senior management of either Polk Audio or Definitive Technology.

"We acquired DEI in June 2011 based on our underlying belief that the company is well-positioned to capitalize on the increasing presence of a mobile culture, fueled by the rapid adoption of smartphones and tablets," said Michael Choe, Managing Director of Charlesbank Capital Partners.  "We believe these executive appointments will provide the needed focus and resources to innovate in headphones, personal audio products, and soundbars, as well as accelerate our development of automotive telematics solutions through our successful Viper SmartStart platform."

Jim Minarik has led DEI for the last decade as CEO.  These executive changes will help him ensure continued organizational innovation and personnel development, while also facilitating greater efficiencies across DEI's business units.  Prior to DEI, Mr. Minarik was CEO of Clarion Corporation of America, a supplier of audio equipment to global car manufacturers and retailers.  He received both a bachelor's degree and an MBA from Pennsylvania State University.

"Kevin Duffy has played a key role in the growth and development of DEI at all levels for nearly 10 years," said Minarik. "With this well-deserved promotion he will be even better positioned to help continue growth in each of our business units, as well as through acquisitions."

As President of DEI Holdings, Mr. Duffy will work with the Company's divisional leadership to accelerate the development of products and services designed to enhance the smartphone ecosystem, while maintaining leadership in the Company's core product categories.  He has helped lead DEI in a variety of positions since joining the Company in 2003.  Prior to DEI, Mr. Duffy worked at Clarion Corporation of America, Bain & Company, and Deloitte & Touche.  He holds a bachelor's degree in economics from Princeton University and an MBA from the Stanford Graduate School of Business.

With their leadership appointments, Mike Simmons and Julien Joly bring significant automotive, consumer electronics, and telematics experience to the Directed Electronics division.  Prior to DEI, Mr. Simmons, the newly appointed President of the Division and previous EVP of Marketing, worked at Saleen, Sonance, and Ford Motor Company.  Mr. Simmons has been instrumental in developing Directed's innovative Viper SmartStart product line.  He holds a bachelor's degree from the University of Michigan and an MBA from Northwestern's Kellogg School of Management.  Mr. Joly, currently President of Directed's Canadian division, brings a track record of operational success to the COO of Directed role.  He previously worked at Vigil Locating Systems, Datacom Wireless, and Bombardier Aerospace.  Mr. Joly holds a bachelor's degree in Electrical Engineering from l'Ecole Polytechnique de Montreal and an MBA from Sherbrooke University.

Concurrent with these appointments, the Company is announcing other management changes at DEI Holdings, including the promotion of Veysel Goker to the newly created position of Vice President of Finance and Information Technology, and the hiring of Dan Brockman as Corporate Controller and Treasurer.  Mr. Goker's increased responsibilities and the arrival of Mr. Brockman will help ensure the continued successful financial stewardship of the Company.   In addition, James Turner is being promoted to the position of Vice President of Product Management at the Directed Electronics business unit.

About DEI Holdings, Inc.

Headquartered in Southern California, DEI Holdings, Inc. is the parent company of some of the most respected brands in the consumer electronics industry. DEI Holdings is the largest designer and marketer in North America of premium home theater loudspeakers (sold under the Polk Audio® and Definitive Technology® brand names), and consumer-branded vehicle security and remote start systems (sold under Viper®, Clifford®, Python®, Autostart® and other brand names). DEI Holdings is also a supplier of mobile audio sold principally under the Polk Audio® and Orion® brand names. DEI Holdings markets its broad portfolio of products through many channels including leading national retailers and specialty chains throughout North America and around the world. Founded in 1982, the company has operations in California, Maryland, Canada, Europe and Asia. For more information on the company, visit www.deiholdings.com.

About Charlesbank Capital Partners

Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. For more information, visit www.charlesbank.com.

SOURCE DEI Holdings