Tokyo, Japan -- D&M Holdings Inc. is planning to appoint Yvonne Hao as CEO, succeeding Victor J. Pacor, pending corporate approvals. Hao has served as a member of the board of directors and previously was general manager of ADI, a $1.6 billion distribution unit of Honeywell, which is also one of D&M's customers in North America.
D&M Holdings provides worldwide management and distribution platforms for consumer, automotive, commercial, and professional audio and video businesses, including Denon, Marantz, McIntosh Laboratory, Boston Acoustics, Snell Acoustics, Escient, Calrec Audio, Denon DJ, Allen & Heath, D&M Professional, and D&M Premium Sound Solutions.
"Under Vic's leadership, D&M has grown significantly and transitioned successfully through the purchase of the business by Bain Capital," said Eric C. Evans, chairman of D&M's board of directors. "The board truly appreciates Vic's service and dedication to the company over the last five years, and wishes him well in his new endeavors. "Yvonne is an accomplished executive and proven leader of global businesses who brings strong consumer electronics and operations experience -- as well as customer focus -- to D&M."
Hao was most recently an executive vice president at Bain Capital, and in addition to her experience at Honeywell, she was also an associate partner at McKinsey & Company. She will be based at D&M U.S. headquarters in Mahwah, New Jersey, but will be spending significant time in the company's various regions and visiting its brand offices.
"Despite challenging macroeconomics, D&M's core capabilities in making superior products that deliver quality sound, advanced engineering, and great service to our customers remain unchanged," Hao said. "I look forward to working alongside the management team, our employees and our vendor partners to deliver exceptional value to our customers, and to position the company for long-term success."
D&M also announced the creation of a new position of president to be filled by Eric Simonsen, upon completion of necessary corporate approvals. Simonsen brings 35 years of global experience helping companies with a broad range of operations and cash flow improvements. He most recently served as CFO of Nokia-Siemens Networks, a $22B global equipment manufacturer. Simonsen's responsibilities will include a focus on improving functional processes and financial performance.
The company simultaneously announced that Masao Goto will be appointed to the board of directors and promoted to executive vice president. Goto will oversee both the supply chain and product side of the business in Japan.