Audio manufacturers Cerwin Vega (www.cerwin-vega.com) and KRK Systems have a new president, Dave Rice.The appointment follows the Stanton Group's acquisition of Cerwin Vega in October. Rice will report directly to Gerard Cohen, president and CEO of the Stanton Group.
Rice will review the current business operations, establish the overall direction of the organizations, and implement business programs and procedures to obtain maximum profits. Rice says, "Cerwin Vega has been a household name for many years, synonymous with value and bass. It has broad brand recognition in just about every speaker category—mobile/car, hi-fi, multimedia, and pro—but has limited market share. This is because during the last few years the company has not reverse-engineered products that consumers were asking for, nor at the prices they were willing to pay."
Rice adds that he is confident that the company has the skilled workforce capable of turning its fortunes around. "Our biggest priorities are to staff up, develop new products and rapidly bring them to market, cut costs through better procurement, and out-hustle our competition," he says. "There is huge upside, especially at a time when the speaker markets are expected to grow."
To expedite this, the Stanton Group will shortly be integrating KRK Systems into the Cerwin Vega operation in Simi Valley, CA.
Before joining Cerwin Vega and KRK, Rice was general merchandising manager for Musician's Friend; he was also pro audio, recording, and DJ buyer for Guitar Center and president of California-based Pro Sound & Stage Lighting. Cohen says, "We are very fortunate to have Dave at the helm of Cerwin Vega and KRK. His extensive industry experience will be a significant asset to the organization and a significant force in poising the companies for future growth."