Bel Fuse announces leadership transitions post-shareholder meeting

In a recent filing with the Securities and Exchange Commission (SEC), Bel Fuse (NASDAQ:BELFA) Inc. disclosed several significant leadership changes following its Annual Meeting of Shareholders on May 27, 2025. The company, known for its electronic components manufacturing and maintaining a "GOOD" financial health score according to InvestingPro analysis, reported the effectiveness of previously announced management promotions and transitions. With a market capitalization of $822 million and a strong current ratio of 3.31, the company demonstrates solid financial positioning.

Effective immediately after the Annual Meeting, Farouq Tuweiq, who previously served as Bel’s Chief Financial Officer (CFO), Principal Financial (NASDAQ:PFG) Officer, and Treasurer, assumed the role of President and Chief Executive Officer. This leadership transition comes at a challenging time for the company’s stock, which has experienced a 31.25% decline over the past six months, despite maintaining earnings per share of $3.42 in the last twelve months. Concurrently, Daniel Bernstein transitioned from his roles as President and CEO to become the non-executive Chairman of Bel’s Board of Directors. Lynn Hutkin, who was serving as the Vice President of Financial Reporting and Investor Relations, as well as the Principal Accounting Officer and Secretary, stepped into the CFO role, also taking on the responsibilities of Principal Financial Officer, Principal Accounting Officer, Treasurer, and Secretary.

The Board of Directors expanded to ten members, and Tuweiq’s appointment to the Board became effective on the same day. He also joined the Executive Committee of the Board. Both Tuweiq and Bernstein were elected by shareholders at the Annual Meeting to serve full three-year terms expiring at the 2028 Annual Meeting.

In addition to the leadership changes, shareholders voted on several other proposals during the Annual Meeting. The appointment of Grant Thornton LLP as the company’s auditor for 2025 was ratified, and the executive compensation for named executive officers was approved on an advisory basis. For deeper insights into Bel Fuse’s financial metrics and performance indicators, including 6 additional ProTips and comprehensive analysis, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US equities with expert analysis and actionable intelligence.

The Class A Common Stockholders, with 2,115,263 shares outstanding at the record date, were entitled to vote at the meeting. A total of 2,001,644 shares were represented, either in person or by proxy.

The detailed voting results for the election of directors included a significant majority in favor, with the following votes: Daniel Bernstein received 1,617,544 votes for and 157,243 withheld; Peter Gilbert with 1,465,035 for and 309,752 withheld; Farouq Tuweiq secured 1,771,121 for and 3,666 withheld; and Vincent Vellucci had 1,208,299 for and 566,488 withheld. Each director had 226,857 broker non-votes.

The filing concluded with the formalities of the SEC reporting requirements, including signatures and the date of the report, May 28, 2025.

In other recent news, Bel Fuse Inc. has announced Lynn Hutkin as the new Chief Financial Officer, effective after the Annual Meeting of Shareholders on May 27, 2025. Hutkin, who joined the company in 2007, will also retain her role as Principal Accounting Officer. In another development, Craig-Hallum initiated coverage of Bel Fuse with a Buy rating and a price target of $115, citing the company’s recent transformation and the acquisition of Enercon, which has significantly boosted revenue and EBITDA. The firm noted that this acquisition is expected to improve the company’s overall margins and could lead to further mergers and acquisitions. Additionally, Bel Fuse has adjusted its executive compensation program following a review by the Compensation Committee. Changes include a 30% reduction in target award opportunities, with some executives receiving full bonus payouts based on business unit performance. The company has also revised its Incentive Compensation Program for fiscal 2025 to include new performance measures. These developments reflect Bel Fuse’s ongoing strategic initiatives and efforts to align executive incentives with company performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.