Stamford, CT, Feb. 3, 2020
-- HARMAN, a wholly-owned subsidiary of Samsung Electronics Co., Ltd., focused on connected technologies and solutions for automotive, consumer and enterprise markets, today announced that Dinesh Paliwal will step down on April 1 after nearly 13 years with the company as President & CEO (including ten years as Chairman and CEO of the NYSE-listed Harman International). Harman’s Board of Directors has unanimously elected Michael Mauser to succeed Paliwal, as President and Chief Executive Officer. Mauser will join the company’s board of directors, effective April 1. To ensure a smooth and seamless transition, Paliwal has agreed to remain with Harman as Senior Advisor to the board of directors and to the CEO until December 2020.
Speaking on behalf of Harman's Board of Directors, Chairman of the Board Young Sohn said: "Dinesh is a visionary leader. He has provided outstanding leadership over the past 13 years and delivered strong and consistent financial performance while driving innovation. Dinesh also served as a selfless mentor for associates across the organization, championing diversity and adhering to the highest standards of corporate ethics.”
Young Sohn continued. “Michael is a proven leader with strong operational skills, business vision and the ability to bring people together and the board is confident that he is the right person to usher in this next chapter of growth for Harman. He brings the depth of experience and innovative thinking that has powered his previous achievements.”
Under Paliwal’s leadership, during the last decade from 2009 to 2019, Harman outperformed the market on several fronts:
- Revenue: $2.9 billion to $8.8 billion (up 300%)
- Automotive order backlog: $8 billion to $29 billion (up 360%)
“Leading Harman has truly been the honor of my lifetime, and I am incredibly proud of all we have accomplished over the past 13 years,” said Paliwal. “Harman is in a very strong position for continued growth with its brightest days still ahead.”
Paliwal continued: "Michael Mauser is exactly the right person to build on our success. He is a terrific executive with a long and proven track record of growing businesses. Michael has been a critical partner in running the company, and I'm confident he will take Harman to new and greater heights in the years to come."
Commenting on his appointment, Mauser said, "I'm incredibly humbled and privileged to be appointed the next President and CEO of Harman, and I want to thank the Board of Directors for the confidence they have placed in me. I also want to thank Dinesh for his overwhelming support. He has transformed the company with his bold vision and outstanding leadership, and I feel fortunate to have him as a mentor and a friend. In addition, I want to thank all my colleagues, as well as the customers, suppliers and partners who are part of the Harman family. I look forward to working more closely with all of you in the months and years ahead, and to continue growing this special company long into the future."
Mauser has held a number of executive and general management roles in his 22 years at Harman. His experience cuts across both the automotive and audio businesses. Mauser began his career at Harman within the finance organization, ultimately heading the Automotive finance function. He went on to become Co-President of the Connected Car division and then President of HARMAN’s Lifestyle Audio division prior to being appointed as COO in June of 2019.
In closing, Paliwal said: "Today is a day of mixed emotions for me. This company has been my life for more than a decade and part of my heart will always remain here. But I am proud of all we've achieved to position Harman for continuing success and excited for all the great things that are in store for Harman under Michael’s leadership."