B&W Failed To Tell Local Management Of CEO Restructure
Senior management at Bowers & Wilkins Australia were not told that global directors had quit the UK Company or that a turnaround operator had been appointed as CEO.
According to Philip Newton the CEO of Bowers & Wilkins Australian operation the first that local management knew of the changes was when he was contacted by ChannelNews.
Newton a former Vice President at Samsung was appointed by Gregory Lee a former President at Samsung in Korea who took over as CEO of the British sound Company who according to Newton has been witnessing significant growth of late following the release of a new B&W networked speaker range and new headphones that are attracting “rave” reviews.
The Guardian newspaper recently described the Companies new PX 7 as superior to the Bose noise cancelling headphones.
Also, out at B&W is Gideon Yu, the ex-Facebook CFO who acquired B&W back in 2016 via Eva Automation.
The Company is now being run by David Duggins who was recently appointed as a director of B&W Group.
Duggins is a “restructuring professional available for Board or Advisory roles in companies undergoing restructuring, re-financing or sale”.
ChannelNews understands that Lee is still involved with the Company and is working to raise a new capital injection for the Company.
Back in 2016 when Yu’s EVA Automation company took over B&W money was invested in trying to take on Sonos in the networked speaker market.
This investment resulted in the Company releasing the Formation range of speakers.
The release of these speakers was delayed at one stage with many questionings why B&W needed a proprietary operating system when brands were moving to voice activated speakers running on Google or Amazon voice engines linked to brand developed apps.
Bowers & Wilkins duly released its Formation Suite of wireless speakers in April 2019 adding the Flex speaker towards the end of the year.
As well as the Flex speakers the Company also invested in launching the PX ANC headphones including the highly rated PX7.
They also built a relationship with Philips and TP Vision where B&W provided surround sound speaker functionality for Philips’s top end OLED+ 984 TV.
This has continued with their 2020 OLED range featuring new Bowers & Wilkins speakers with the possibility that these new TV’s could be released in Australia this year.