Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 5, 2021, Bel Fuse Inc. (the "Company") announced that Farouq Tuweiq
has been named Chief Financial Officer of the Company, effective February 15,
2021. In this role, Mr. Tuweiq, a skilled senior professional with background
in acquisitions, capital markets, finance and accounting, will assist the
Company with matters associated with the Company's business including
implementation of the Company's growth strategy.
Most recently, Mr. Tuweiq worked at BMO Capital Markets, member of BMO Financial
Group, where he led and helped build the Industrial Technology Investment
Banking practice. Mr. Tuweiq spent his banking career advising public, private
equity-backed, and privately-held companies in the Electronic Components sector,
including manufacturers of connectors, passives, magnetics, on Mergers &
Acquisitions and capital raising. Previously, Mr. Tuweiq worked at Schneider
Electric, a public multinational energy efficiency and automation provider, in
its North American headquarters within the FP&A group focused on budgeting,
forecasting, and business planning. Prior to that, he worked at Ernst and
Young, within the audit group, serving public and private manufacturing and
financial companies. During his tenure, he worked on various audits, review of
Securities and Exchange Commission filings, IPO preparation, implementation and
testing of Sarbanes-Oxley, and carve-out financials while obtaining his CPA
certification. Mr. Tuweiq earned his B.A in Finance and MS in Accounting from
Michigan State University and his MBA at Georgetown University, McDonough School
of Business.
A copy of the press release announcing Mr. Tuweiq's appointment is attached as
Exhibit 99.1 to this Current Report on Form 8-K.
Craig Brosious, the Company's Vice President of Finance, has expressed an
interest in potentially retiring from the Company at approximately the end of
the third quarter of 2021 on a date yet to be determined. In his position as
Vice President of Finance, Mr. Brosious currently is retaining the roles and
responsibilities of "principal financial officer" and "principal accounting
officer" of the Company for purposes of the rules and regulations of the
Securities and Exchange Commission. The Company will make appropriate
disclosures upon any changes in such roles.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
99.1 Press Release of Bel Fuse Inc. dated January 5, 2021.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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