Klipsch Audio Technologies Restructures Executive Management - Michael F. Klipsch Promoted

1-Nov-00

Fred S. Klipsch, Chairman and CEO of Klipsch Audio Technologies, announced that Michael F. Klipsch has been promoted to Executive Vice President and Chief Operating Officer of Klipschís Worldwide Manufacturing and Supply Management Group. He is responsible for worldwide sourcing and logistics, as well as for management of all company manufacturing operations.The promotion is part of an executive management restructuring that divides Klipsch into two key business units - the aforementioned Worldwide Manufacturing and Supply Management Group and the Worldwide Products Group, which includes sales, marketing, engineering and product development functions. According to Fred Klipsch, the new executive management structure allows for more effective communication between two highly diverse business functions, quicker responses to critical issues and, ultimately, a more profitable business model.""Michaelís extensive legal background and business experience have resulted in the development of a worldwide sourcing capability focused on high quality raw materials and finished premium products at the lowest landed cost,"" Fred Klipsch said. ""His counsel on matters ranging from worldwide legal issues to acquisitions is an important contributor to the success of our company.""A former partner with the law firm of Bingham Summers Welsh and Spilman, Michael Klipsch began working for Klipsch Lanham Investments as outside counsel in 1989 and in 1996 joined as full-time Senior Vice President and Chief Counsel. He was named Senior Vice President of Operations with Klipsch Audio Technologies in the same year. Michael Klipsch has nine years of law practice experience with specializations in complex business transactions, debt/equity offerings and business reorganizations.Klipsch earned his law degree from Indiana University in Bloomington, Indiana. and his bachelorís degree in industrial management from Purdue University in West Lafayette, Indiana. For more information, visit www.klipsch.com.

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