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WEST ORANGE, N.J., Feb. 03, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of Bel Fuse Inc. (Nasdaq: BELFA and BELFB) (“Bel” or the “Company”) today announced an upcoming transition in the Chief Executive Officer position at Bel. After 24 years as Bel’s Chief Executive Officer and 46 total years of service at the Company, Daniel Bernstein will step down as President and CEO effective immediately following Bel’s 2025 Annual Meeting of Shareholders, currently scheduled for May 27, 2025. Bernstein will transition to the role of Non-Executive Chairman of the Board of Directors on that same date.
As part of the leadership change, Bel’s Board of Directors has appointed Farouq Tuweiq to serve as the Company’s next President and CEO, effective immediately following Bel’s 2025 Annual Meeting of Shareholders. Tuweiq will vacate his current role as Chief Financial Officer on that same date, with the Board having initiated a search process to identify a successor CFO for the Company. The Board of Directors has also approved the expansion of Bel’s Board to ten directors and appointed Tuweiq as a director on Bel’s Board, with such expansion and appointment to be effective on the date of Bel’s annual shareholder meeting scheduled for May 27, 2025.
Bernstein’s distinguished career defined by growth and diversification
Under Dan Bernstein’s leadership since 2001, the Company completed 19 acquisitions, growing sales from less than $100 million to over $600 million. In building upon the solid customer relationships, brand reputation and quality products that his father, Elliot Bernstein (Bel’s founder) developed during his tenure, Dan’s strategy has been to grow and diversify Bel, from each of a product, end market and geographic perspective. This transformation of products developed and end markets served has provided Bel with a strong foundation which has served the Company well during challenging times over the years. Most recently, Dan has been engaged in preparing Bel for its next chapter through his partnership with Farouq. Over the past two years, Bel has reached record levels of profitability and a stock price valuation not previously seen in Bel’s 76-year history.
“It’s been an honor to serve as Bel’s CEO over the past two decades and to witness the many accomplishments and new milestones reached together as a global team. With our celebration of 75 years in business now complete, the time is right for a transition to the next generation of Bel leadership. I have a deep sense of pride and gratitude for Bel and our dedicated group of associates around the world who have made Bel's growth and success possible. I look forward to my new role as Chairman of Bel’s Board of Directors and supporting Farouq in any manner he feels advisable,” said Bernstein.