Washington, DC — Harman International Industries has announced that its founder and chairman, Dr. Sidney Harman, has advised the board of his intention to retire from the Board of Directors when his current term expires concurrent with the companys annual shareholders meeting scheduled for December 3, 2008.
Dr. Harman has recommended and the board has elected Dinesh C. Paliwal to assume the post of Chairman and Chief Executive Officer as the companys new fiscal year begins on July 1, 2008. Paliwal has served as president, CEO, and vice
chairman since joining the company in July 2007.
I recruited Dinesh Paliwal to become our CEO with high expectations, and he has validated my confidence by bringing remarkable energy and expertise to the company, Dr. Harman said. As I approach my 90th birthday, it is clearly a very
good time to endorse Dineshs leadership and his outstanding team. I am confident that they will honor the companys rich history and work effectively to build its future.
I am very pleased by this continuing vote of confidence from the Board and Dr. Harman, Paliwal said. Our company enjoys a rich legacy of innovation, entrepreneurial spirit, and personal respect, and we are privileged to serve the leading names in industry and entertainment. I look forward to building upon Dr. Harmans heritage as we create an even stronger and more successful Harman International.
In his role as founder and chairman emeritus, Dr. Harman has announced that he will contribute $2.5 million to endow a new Sidney Harman Scholarship Fund to benefit continuing education by children and grandchildren of long-term company employees. The company will consider future participation in this fund. The company is planning a variety of worldwide activities to recognize Dr. Harmans generosity and to celebrate his more than 50 years of distinguished service.
Sidney Harman, 89, co-founded the business that bears his name in 1953. Under his leadership, Harman International introduced the worlds first stereo receiver and became a premium supplier of audio and “infotainment” systems for the automotive, consumer, and professional markets. Dr. Harman is active in business, educational and philanthropic circles, and has written extensively on productivity, the quality of working life, and economic policy. He lectures at the University of Southern California where, in February 2008, he was named the first Judge Robert Widney University Professor. He serves on the boards of Freedom House, the Aspen Institute, Business Executives for National Security, the Harman Center for the
Arts and The Harman Family Foundation. He is a member of the Trilateral Commission and the Council on Foreign Relations and is a Fellow of the American Academy of Arts and Sciences.
Dinesh Paliwal, 50, earned an MS in Engineering from the Indian Institute of Technology (Roorkee, India); MS in Applied Science and Engineering, and MBA in Finance from Miami University (Oxford, Ohio). Before joining Harman, he was
president of global power and automation technology leader ABB Ltd. During his 22 years with ABB, he held management positions in Australia, China, Singapore, Switzerland, and the U.S. Currently, he serves on the boards of telecom company
Embarq, Harman International, and the International Swimming Hall of Fame.