UNIVERSAL ELECTRONICS INC. (NASDAQ:UEIC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective February 1, 2019, Chief Operating Officer Lou Hughes stepped down to explore other opportunities. Mr. Hughes will continue to serve in a part-time capacity as Strategic Advisor to the CEO to ensure a smooth transition of his COO duties. While serving as Strategic Advisor, so long as Mr. Hughes complies with certain agreements, he will continue to receive compensation in an amount equal to his prior base salary up to the end of January 2020
Item 5.02Regulation FD Disclosure
On February 6, 2019, Universal Electronics Inc. (“UEI”) announced corporate restructuring activities including (1) relocating its corporate headquarters to Scottsdale, Arizona and its Hong Kong offices to its existing facilities in Panyu and Shuzou; (2) expanding its manufacturing facility in Monterrey, Mexico; (3) optimizing its manufacturing footprint in China; (4) rehiring Joseph Miketo as UEI’s SVP, Manufacturing and Operations; and (5) continuing its investments in new technologies. The press release announcing the corporate restructuring activities is being furnished as Exhibit 99.1 attached hereto and is incorporated into this Item 5.02 by reference.
Item 5.02Financial Statements andExhibits
(d) Exhibits. The following exhibit is furnished with this report.
99.1Press Release of Universal Electronics Inc. dated February 6, 2019
UNIVERSAL ELECTRONICS INC Exhibit
EX-99.1 2 a8k20190201-ex991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1UNIVERSAL ELECTRONICS ANNOUNCES CORPORATE RESTRUCTURING TO DRIVE SHAREHOLDER VALUEScottsdale,…
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About UNIVERSAL ELECTRONICS INC. (NASDAQ:UEIC)
Universal Electronics Inc. (UEI) develops control and sensor technology solutions and manufactures a line of pre-programmed and universal remote control products, audio-video (AV) accessories, and intelligent wireless security and automation components. The Company’s offerings include pre-programmed universal infrared (IR) and radio frequency (RF) remote controls that are sold primarily to subscription broadcasting providers, original equipment manufacturers (OEMs), retailers, and private label customers, and integrated circuits, on which its software and universal device control database is embedded, sold primarily to OEMs, subscription broadcasting providers, and private label customers. Its offerings also include software, firmware and technology solutions that enable devices, such as televisions, set-top boxes, stereos, smart phones tablets, gaming controllers and other consumer electronic devices to wirelessly connect and interact with home networks and interactive services.