Engen steps down as CEO at Loud Technologies

News

Andy Wood Aug 18 2008, 9:00am

After 10 years with the firm, Jamie Engen resigns to make way for Rodney Olson

The board of directors of Loud Technologies, (NASDAQ: LTEC) the Washington state-based MI and pro audio equipment manufacturer, has announced that Jamie Engen is stepping down from his position as chairman and chief executive officer effective immediately. The board has named Rodney Olson as the company's Chairman and CEO.

Engen, who will remain in a consultive role for the next few months, had served 10 years at the company, which was founded in 1988 as Mackie Designs Inc. Loud's brands include Mackie, Ampeg, Tapco, Crate, EAW, Alvarez, St Louis Music, Martin Audio and Knilling.

The move is the latest of several high-level shifts at the company in the last few months and follows the departure of Chief Financial Officer (CFO) Gerald Ng in May, the arrival of James Stewart as chief operating officer in July and David Olson as chief financial officer earlier this month.

"Over the past ten years, Jamie has played a critical role in growing Loud Technologies into the industry leader that it is today. We appreciate his contributions and wish him the best," said Tom Taylor, the board member who led the search for Engen's successor. "We are fortunate to have a strong successor to take over the reins and continue our growth efforts."

Olson joins Loud Technologies after a decade with Cardinal Brands, a Kansas-based $170 million office products company, where he has served as CFO, president and, most recently, CEO for the past two years. Under Olson's leadership, the company's revenues grew 30 per cent.

Prior to his time at Cardinal Brands, Olson served as CFO at Sabreliner Corporation, a $250 million aviation company, where he led the company's Mergers and Aquisitions activity and was integral in driving revenue and market share growth in the six years he was there.

"Rodney has a proven track record of success over his 20 years of experience in executive positions, and the board is confident he has the skills and expertise needed to lead Loud Technologies into the future," said Taylor. "His focus will be on integrating our recent acquisition of Martin Audio, while also overseeing sales and marketing to help Loud Technologies and our dealer partners drive our stable of well established brands."

In the company’s latest quarter, Loud reported a loss of $1 million, which compares with a loss of $2.7 million a year earlier. Net sales rose to $55 million from $51 million in 2007.

loudtechinc.com