SCOTTSDALE, Ariz., March 21, 2025--(BUSINESS WIRE)--Universal Electronics Inc. (UEI) (NASDAQ: UEIC), the global leader in wireless universal control solutions for home entertainment and smart home devices, announced that Paul Arling will retire as Chief Executive Officer on April 30, 2025. Arling will serve as a consultant until June 30, 2025 and will remain on the board through his term, which will end at the 2025 Annual Meeting of Shareholders. The company is conducting an extensive executive search and actively interviewing both internal and external candidates.
Lead Independent Director of the Board of Universal Electronics Bill Mulligan stated, "We thank Paul for his leadership, innovation and passion for nearly three decades. During that time, he elevated UEI from manufacturing basic TV/set-top box remotes to becoming the global wireless device control leader. With over 150 patents issued and pending himself, Paul fostered a creative environment that yielded breakthrough technology. Those breakthroughs combined with a dedication to customer service cultivated numerous relationships with industry leaders. Today, UEI is the market leader for wireless control in home entertainment and is gaining traction in the Connected Home."
Arling added, "I am proud of UEI, of our employees, of our customer service and of our industry leading solutions. I look forward to our strong executive team continuing our transition into new markets and helping to position UEI to become even stronger."
The Company also confirmed its previously issued financial guidance for the first quarter ended March 31, 2025, which was set forth in its earnings announcement press release on February 20, 2025.
About Universal Electronics
Universal Electronics Inc. (NASDAQ: UEIC) is the global leader in universal wireless control solutions for the home. The company brings to life millions of innovative control products each year that focus on a user-centric approach to designing and creating solutions and applications that simplify user interaction with highly complex technologies in the home and removing interoperability challenges as a roadblock for user adoption, with a privacy first and secure by design approach to today’s smart devices. For more information, visit www.uei.com.
Forward-looking Statements
This press release and accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including the Company’s confirmation of previously issued financial guidance and the anticipated financial results contained within that guidance; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those we identify below and other risk factors that we identify in our annual report on Form 10-K for the year ended December 31, 2024 and the periodic reports filed and furnished since then.
Risks that could affect forward-looking statements in this press release include: our continued ability to timely develop and deliver innovative control solutions and technologies that are accepted by our customers, both near- and long-term; our ability to attract new customers and to successfully capture sales in all markets we serve, including in the climate control and connected home markets as anticipated by management; our ability to continue optimizing our manufacturing footprint and realize the lower concentration risks as expected by management; our ability to maintain our market share in the traditional subscription broadcast market; our ability to manage through the worldwide inflationary pressures and macroeconomic conditions; our ability to continue to manage our business, inventories and cash flows to achieve our net sales, margins and earnings through financial discipline, operational efficiency, product line management, liquidity requirements, capital expenditures and other investment spending expectations; our continued ability to successfully enforce our patented technology, including with respect to our litigation against Roku; our continued ability to strategically enhance, expand, and monetize our IP portfolios; the continued fluctuation in our market capitalization; the use of artificial intelligence applications which could result in cybersecurity incidents that implicate the personal data of end users or other unintended ethical, reputational, competitive harm or legal liability; the direct and indirect impact we may experience with respect to our business and financial results and management’s ability to anticipate and mitigate the impact stemming from the continued economic uncertainty affecting consumers’ confidence and spending, natural disasters or other events beyond our control, public health crises (including an outbreak of infectious disease), governmental actions, including the changes in or enhanced use of laws, regulations and policies may have on our business including the impact of decreased governmental incentive programs worldwide or of enhanced or expanded trade regulations, including the expanded use of tariffs, pertaining to importation of our products, the effects of political unrest, war, terrorist activities, or other hostilities; the effects and uncertainties and other factors more fully described in our reports filed with the SEC. Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Further, any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of March 21, 2025, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
