Leadership Transition - Bel Fuse Inc. announced that Daniel Bernstein will step down as President and CEO after 24 years in the role, effective immediately following the 2025 Annual Meeting of Shareholders on May 27, 2025 [1][4] - Farouq Tuweiq has been appointed as the new President and CEO, effective on the same date, and will also join the Board of Directors [2][5] Company Growth and Performance - Under Daniel Bernstein's leadership since 2001, Bel completed 19 acquisitions and grew sales from less than 600 million, achieving record levels of profitability [3][5] - The company has seen a significant transformation in its product offerings and market reach, establishing a strong foundation for future growth [3] Leadership Remarks - Bernstein expressed pride in his tenure and gratitude towards the team, emphasizing the importance of transitioning to the next generation of leadership [4][6] - Tuweiq acknowledged the legacy of the company and the mentorship received from Bernstein, expressing confidence in continuing the momentum of success [6][7] Board of Directors - The Board of Directors has approved the expansion of its membership to ten directors, with Tuweiq being appointed as a director effective on May 27, 2025 [2]
Farouq Tuweiq to Succeed Daniel Bernstein as CEO of Bel Fuse Inc. in May 2025