Skullcandy, Inc. to Align Product, Marketing and Sales Functions
Announces Executive Changes and Commences Search for Chief Financial Officer
PARK CITY, Utah, June 18, 2013 (GLOBE NEWSWIRE) -- Skullcandy, Inc.
(Nasdaq:SKUL) today announced the Company is taking significant steps to
better align its product, marketing and sales functions in order to strengthen
its position as the leading performance and lifestyle audio company driven by
the creativity and attitude of youth culture. The Company also announced
certain executive changes and the commencement of a search for a new Chief
As part of the process, the Company is relocating its marketing, creative,
business development and legal departments, as well as certain sales and
international personnel to its headquarters in Park City, Utah, and will close
the office in San Clemente, California, which has historically housed
significant portions of these functions.
Hoby Darling, President and Chief Executive Officer commented, "Bringing
together our teams in Park City will allow us to better focus our go to market
process and ensure that our products, messaging and distribution are aligned
with our target consumer.It will be fantastic to have these three critical
functions collaborating under one roof and represents an important step toward
executing our overall long-term strategic plan.It will also enhance our
ability to attract top talent and build an even stronger culture, as we look
to be one of the most desirable employers in the audio and youth culture
segment.With three world-class mountain resorts, hundreds of miles of trails
and significant technology and creative influences, Park City provides us a
fantastic base that is rooted in our authenticity as an active and creative
brand born on the mountains and in skate parks."
The Company expects to record an associated pre-tax, restructuring charge in
the range of $3.0 million to $3.8 million, of which $500 thousand to $1
million is estimated to be incurred in the second quarter of 2013. The Company
has approximately 30 employees in San Clemente, the majority of whom will be
given the opportunity to relocate with the Company's assistance and continue
working in the Park City office.The Company plans to begin implementing the
proposed changes this summer and expects the moves to be complete by early
fall to minimize any business disruption.
The Company also announced that Sam Paschel, currently Executive Vice
President of Product Development and Merchandising has been promoted to the
newly created position of Chief Commercial Officer, where he will oversee the
operations of both the product and demand creation teams.
Mr. Darling commented, "Since joining Skullcandy last September Sam has had a
very positive impact on improving our product development strategy and
spearheading changes in merchandising so we can better excite and serve our
consumer.As we bring our product, marketing and sales teams together in Park
City, I'm confident Sam is the right person to oversee further alignment of
our product, merchandising and demand creation efforts."
The Company also announced that it has commenced a search for a new Chief
Financial Officer following Kyle Wescoat's decision to resign in order to
pursue opportunities closer to his home in Southern California. Mr. Wescoat
will remain with the Company through approximately September 2013 while it
searches for his successor.
"I want to thank Kyle for his efforts during this period in the Company's
history," said Mr. Darling."He has been a trusted asset during my first few
months on the job and I'll continue to rely on his financial acumen and
leadership to ensure a smooth transition and help improve upon our recent
ABOUT SKULLCANDY, INC.
Skullcandy is a leading global designer, marketer and distributor of
performance audio and gaming headphones and other accessory related products
under the Skullcandy, Astro Gaming and 2XL by Skullcandy brands. Skullcandy
was launched in 2003 and quickly became one of the world's most distinct audio
brands by bringing unique technology, color, character and performance to an
otherwise monochromatic space; helping to revolutionize the audio arena by
introducing headphones, earbuds and other audio and wireless lifestyle
products that possess unmistakable style and exceptional performance. The
Company's products are sold and distributed through a variety of channels in
the U.S. and approximately 80 countries worldwide. Visit skullcandy.com, or
join us at facebook.com/skullcandy or on Twitter @skullcandy.
Brendon Frey / Joe Teklits
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