Ultimate Electronics Shakes Up Management
Ultimate Electronics announced changes to its management, fourth quarter sales results and the final approval of its $118.5 million DIP financing by the Bankruptcy Court in Wilmington, Delaware.
The changes in management include the departure of various members of staff including David Workman, CEO and president, Neal Bobrick, senior vice president of sales and Gerry Demple, senior vice president of services. The board of directors appointed Mark Wattles, the Ultimate Electronic's chairman of the board, to be the company's CEO. Seven other individuals, who have previous experience working with Wattles, will also be joining the management team this week, including the following:
Bill Besselman will be vice president of strategic planning and analysis. He comes to Ultimate with five years of consulting experience at McKinsey & Company, and he was most recently vice president of strategic planning and analysis at Hollywood Video.