JERSEY CITY, N.J., Jan. 05, 2021 (GLOBE NEWSWIRE) — Bel Fuse Inc. (“Bel,” or, “the Firm”) (Nasdaq:BELFA and Nasdaq:BELFB), a number one provider of merchandise that energy, shield and join digital circuits, right now introduced that Farouq Tuweiq has been named Chief Monetary Officer of Bel Fuse Inc., efficient February 15, 2021.
Daniel Bernstein, Chief Government Officer of Bel commented, “Farouq is a talented senior skilled with a novel background in acquisitions, capital markets, finance, and accounting that may vastly improve our capacity to speed up and execute our development technique. He will probably be keenly centered on varied pathways to unlock and create shareholder worth each natural and inorganic. We’ve got made the dedication to Farouq realizing that our total group and stakeholders will probably be well-served by including the power, expertise, contacts and different assets he brings to Bel, and we look ahead to him becoming a member of the workforce.”
Most lately, Farouq labored at BMO Capital Markets, member of BMO Monetary Group, the place he led and helped construct the Industrial Expertise Funding Banking follow. Farouq spent his banking profession advising public, non-public equity-backed, and privately-held corporations within the Digital Elements sector, together with producers of connectors, passives, magnetics, on Mergers & Acquisitions and capital elevating.
Beforehand, Farouq labored at Schneider Electrical, a public multinational power effectivity and automation supplier, in its North American headquarters inside the FP&A gaggle centered on budgeting, forecasting, and enterprise planning. Previous to that, he labored at Ernst and Younger, inside the audit group, serving private and non-private manufacturing and monetary corporations. Throughout his tenure, he labored on varied audits, overview of SEC filings, IPO preparation, implementation and testing of Sarbanes-Oxley, and carve-out financials whereas acquiring his CPA certification.
He earned his B.A in Finance and MS in Accounting from Michigan State College and his MBA at Georgetown College, McDonough Faculty of Enterprise.
Non-historical info contained on this press launch (together with the statements relating to fourth quarter gross sales, anticipated value financial savings from the closure of our Energy R&D facility in Uster, Switzerland and our gross sales workplace in Germany, in addition to from a streamlining of our North America gross sales group, and the influence of potential future acquisitions) are forward-looking statements (as described beneath the Non-public Securities Litigation Reform Act of 1995) that contain dangers and uncertainties. Precise outcomes might differ materially from Bel’s projections. Among the many components that might trigger precise outcomes to vary materially from such statements are: the market issues dealing with our prospects; the persevering with viability of sectors that depend on our merchandise; the influence of public well being crises (such because the governmental, social and financial results of COVID-19); the results of enterprise and financial circumstances; difficulties related to integrating beforehand acquired corporations; capability and provide constraints or difficulties; product improvement, commercialization or technological difficulties; the regulatory and commerce surroundings; dangers related to foreign exchange; uncertainties related to authorized proceedings; the market’s acceptance of the Firm’s new merchandise and aggressive responses to these new merchandise; the influence of adjustments to U.S. commerce and tariff insurance policies; and the chance components detailed on occasion within the Firm’s SEC studies. In mild of the dangers and uncertainties impacting our enterprise, there might be no assurance that any forward-looking assertion will in actual fact show to be appropriate. We undertake no obligation to replace or revise any forward-looking statements.
Bel (www.belfuse.com) designs, manufactures and markets a broad array of merchandise that energy, shield and join digital circuits. These merchandise are primarily used within the networking, telecommunications, computing, army, aerospace, transportation and broadcasting industries. Bel’s product teams embody Magnetic Options (built-in connector modules, energy transformers, energy inductors and discrete parts), Energy Options and Safety (front-end, board-mount and industrial energy merchandise, module merchandise and circuit safety), and Connectivity Options (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). The Firm operates amenities world wide.
Peter Seltzberg, Managing Director