Universal Electronics names COO Richard Carnifax as interim CEO

Universal Electronics names COO Richard Carnifax as interim CEO

Universal Electronics (UE) has announced the appointment of Richard Carnifax as interim CEO following the departure of CEO Joe Smith. Smith resigned on June 20, 2025, after leading the company for nearly a decade. Carnifax, who has been serving as COO, will take over the helm while the board conducts a search for a permanent CEO.

Carnifax brings extensive experience in the semiconductor industry, having held executive positions at leading companies such as Intel and AMD. He has a proven track record of driving operational excellence and strategic growth. In his new role, Carnifax will oversee the company's ongoing efforts to expand its product portfolio and enter new markets, particularly in the automotive and industrial sectors.

The appointment of Carnifax coincides with UE's focus on simplifying its operating model to increase agility and efficiency. The company has been actively seeking to optimize its manufacturing footprint and reduce operating expenses, with a particular emphasis on cost-saving initiatives. UE's financial health remains strong, with a robust balance sheet and a current ratio of 3.85, indicating solid liquidity.

In other recent developments, UE reported its first-quarter 2025 earnings, meeting analyst expectations with an adjusted earnings per share (EPS) of $0.30. The company's revenue for the quarter was $210 million, slightly above the previous quarter's performance. UE is projecting second-quarter sales between $200 million and $220 million, with an expected improvement in gross margins to 32-34%. Analyst feedback has been positive, with firms such as B. Riley Securities and CJS Securities noting the company's strategic initiatives and cost-saving measures.

UE is also expanding its global operations with a new facility in Germany, which is expected to enhance its European supply capabilities. Additionally, the company has implemented significant cost reduction strategies, anticipating savings of $30 million in 2025. These efforts are part of UE's broader plan to optimize its manufacturing footprint and reduce operating expenses. Despite geopolitical challenges, the company remains focused on securing new design wins and maintaining a strong balance sheet.

Investors are closely monitoring these developments as UE continues to navigate a complex market environment. The appointment of Carnifax as interim CEO signals a commitment to continuity and strategic direction during the transition period.

References:
[1] https://www.investing.com/news/company-news/rogers-appoints-ali-elhaj-as-interim-ceo-following-gouveias-departure-93CH-4133943