Bel Fuse Announces CEO Transition and Appoints Successor at 2025 Annual Meeting

Bel Fuse Inc. (NASDAQ: BELFB) recently disclosed in an SEC filing the transition of its President and Chief Executive Officer (CEO), Daniel Bernstein. According to the filing, Mr. Bernstein intends to step down from his positions as President and CEO, effective immediately following the company’s 2025 Annual Meeting of Shareholders scheduled for May 27, 2025.

Upon Mr. Bernstein’s stepping down, he is expected to continue serving on the Board and is set to be nominated for reelection as a director for an additional three-year term at the upcoming meeting. Following his reelection, the Board has approved his appointment as Non-Executive Chairman of the Board.

The Board announced the appointment of Farouq Tuweiq as the successor President and CEO effective immediately after the 2025 Annual Meeting. Mr. Tuweiq, who currently serves as the Company’s Chief Financial Officer, will undergo a transition into the CEO role. Concurrently, the Board has approved the expansion of the number of directors to ten and the appointment of Mr. Tuweiq as a director.

Mr. Tuweiq’s background includes executive roles at BMO Capital Markets and Schneider Electric, and his transition to the President and CEO role will see him vacating the CFO position. Bel Fuse is currently conducting a search for a new CFO.

In connection with Mr. Tuweiq’s CEO appointment, an Employment Agreement was signed, detailing his terms, responsibilities, and compensation, which includes an annual base salary and potential variable compensation adjustments.

Additionally, a Transition Agreement was reached with Mr. Bernstein to ensure a smooth handover. This agreement outlines the terms for his transition period, compensation, performance incentives, and benefits.

Moreover, Mr. Bernstein will assume the role of Non-Executive Chairman of the Board. His appointment will involve responsibilities such as chairing meetings, governance oversight, and facilitating Board communication. Mr. Bernstein will receive compensation and benefits commensurate with his position.

Bel Fuse issued a press release on February 3, 2025, addressing the leadership changes. The press release also touched upon Mr. Bernstein’s future role as Non-Executive Chairman and the expansion of the Board.

The complete details of the agreements and appointments can be found in the exhibits attached to the SEC filing. This announcement marks a significant leadership transition for Bel Fuse, shaping the company’s direction for the future.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bel Fuse’s 8K filing here.

Bel Fuse Company Profile

Bel Fuse Inc designs, manufactures, markets, and sells products that power, protect, and connect electronic circuits. The company’s products are used in the networking, telecommunications, computing, general industrial, high-speed data transmission, military, commercial aerospace, transportation, and e-Mobility industries.