false 0000729580 0000729580 2024-01-16 2024-01-16 0000729580 belfb:ClassACommonStock010ParValueCustomMember 2024-01-16 2024-01-16 0000729580 belfb:ClassBCommonStock010ParValueCustomMember 2024-01-16 2024-01-16
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported):  January 16, 2024
 
BELFUSE INC /NJ
 
BEL FUSE INC.
(Exact Name of Registrant as Specified in its Charter)
 
New Jersey
 
000-11676
 
22-1463699
(State of  incorporation)
 
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
 
300 Executive Drive, Suite 300, West Orange, New Jersey
 
07052
(Address of principal executive offices)
 
(Zip Code)
 
Registrant's telephone number, including area code:  (201) 432-0463
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
  
Trading Symbol
  
Name of Exchange on Which Registered
Class A Common Stock ($0.10 par value)
  
BELFA
  
Nasdaq Global Select Market
Class B Common Stock ($0.10 par value)
  
BELFB
  
Nasdaq Global Select Market
 
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
ITEM 8.01.  OTHER EVENTS.
 
On January 16, 2024, Bel Fuse Inc. (“Bel” or the “Company”) issued a press release announcing the appointment of Steve Dawson as the new President of Bel’s Power Solution and Protection segment, effective July 1, 2024.  In his new role leading Bel’s Power Solutions and Protection business, Mr. Dawson, who currently serves as Bel’s Vice President of Marketing and Business Development, will succeed Dennis Ackerman who intends to retire from his positions with the Company in July 2024 as previously reported. A copy of Bel’s press release dated January 16, 2024 announcing Mr. Dawson’s appointment is attached as Exhibit 99.1 to this Current Report on Form 8-K.
 
Steve Dawson, age 48, has over 25 years of progressive experience in power and circuit protection. Before joining Bel, Mr. Dawson held positions in Manufacturing, Engineering, Product Management and Business Development with Cooper Industries’ circuit protection business, a company later acquired by Eaton. After twelve years at Cooper Industries, he joined Power-One, a well-known manufacturer of power supplies. There Mr. Dawson led the Marketing and Business Development efforts when Power-One was acquired by ABB. Dawson was later involved in the sale of the power business from ABB to Bel, where he currently serves as Vice President of Marketing and Business Development. Mr. Dawson earned his Bachelor’s degree in Industrial Engineering from the University of Cincinnati and his MBA degree from Washington University in St. Louis.
 
 
ITEM 9.01.   FINANCIAL STATEMENTS AND EXHIBITS.
 
(d) Exhibits
 
 
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: January 17, 2024
 BEL FUSE INC.
 
 (Registrant)
 
 
 
 
By:  
 /s/ Daniel Bernstein
 
 Daniel Bernstein
 
 President and Chief Executive Officer
 
 
 
 
EXHIBIT INDEX
 
 
 
Exhibit No.
 
 
Description
 
 
 
 
 99.1
 
Press release issued by the Company, dated January 16, 2024.
 
 
         
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).    
 
 

Exhibit 99.1

 

image00001.jpg

 

 

FOR IMMEDIATE RELEASE

Bel Fuse Inc.

300 Executive Drive, Suite 300

West Orange,  NJ 07052

www.belfuse.com

tel 201.432.0463

fax 201.432.9542

 

 

 

 

  

 

 

 

 

Bel Announces a New President

of the Power and Protection Segment  

 

 

WEST ORANGE, N.J., January 16, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a leading global manufacturer of products that power, protect, and connect electronic circuits, is pleased to announce a significant leadership change with the appointment of Steve Dawson as the new President of Bel Power Solutions and Protection, effective July 2024. Dawson will succeed Dennis Ackerman, who has played a pivotal role in the company's growth and success the past 37 years.

 

Dawson brings a wealth of expertise to his new role with over 25 years of progressive experience in power and circuit protection. Before joining Bel, he held positions in Manufacturing, Engineering, Product Management and Business Development with Cooper Industries' circuit protection business, a company later acquired by Eaton. After twelve years at Cooper Industries, he joined Power-One, a well-known manufacturer of power supplies. There he was leading the Marketing and Business Development efforts when Power-One was acquired by ABB. Dawson was later involved in the selling of the power business from ABB to Bel, where he currently serves as Vice President of Marketing and Business Development. Dawson earned his Bachelor’s degree in Industrial Engineering from the University of Cincinnati and his MBA at Washington University.

 

With a proven track record of success, Dawson has consistently demonstrated leadership and strategic vision throughout his career. He has been instrumental in the development of a power conversion product line for commercial electric vehicles, the fastest growing segment within the Power Solutions and Protection business. Dawson has shown a continuous commitment to growth in existing and emerging markets that has helped to solidify Bel's position as a leading supplier of power and circuit protection products.

 

“This appointment reflects Bel’s commitment to maintaining its position as a global leader in the electronic component industry,” said Dan Bernstein, CEO, Bel Fuse Inc. “During his tenure with Bel, Steve has demonstrated outstanding performance, technical capability, leadership skills, and dedication to continuously help us grow, and I am confident he will play a pivotal role in shaping the future of Bel Power Solutions.” 

 

About Bel

Bel (NASDAQ: BELFA and BELFB) designs, manufactures and markets a broad array of products that include circuit protection, connectors, cable assemblies, discrete components, magnetics and power supplies. The company serves a global market and operates facilities around the world, marking their 75th anniversary in 2024.

 

Contacts:

 

Bel Fuse Inc.

Lynn Hutkin, VP Financial Reporting & Investor Relations
ir@belf.com

 

Three Part Advisors

Jean Marie Young, Managing Director

Steven Hooser, Partner

jyoung@threepa.com

shooser@threepa.com

 

 

 

*  *  *  *  * 

 

 

 

 
v3.23.4
Document And Entity Information
Jan. 16, 2024
Document Information [Line Items]  
Entity, Registrant Name BEL FUSE INC /NJ
Document, Type 8-K
Document, Period End Date Jan. 16, 2024
Entity, Incorporation, State or Country Code NJ
Entity, File Number 000-11676
Entity, Tax Identification Number 22-1463699
Entity, Address, Address Line One 300 Executive Drive, Suite 300
Entity, Address, City or Town West Orange
Entity, Address, State or Province NJ
Entity, Address, Postal Zip Code 07052
City Area Code 201
Local Phone Number 432-0463
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000729580
ClassACommonStock010ParValue Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security Class A Common Stock ($0.10 par value)
Trading Symbol BELFA
Security Exchange Name NASDAQ
ClassBCommonStock010ParValue Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security Class B Common Stock ($0.10 par value)
Trading Symbol BELFB
Security Exchange Name NASDAQ
Bel Fuse (NASDAQ:BELFB)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Bel Fuse Charts.
Bel Fuse (NASDAQ:BELFB)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Bel Fuse Charts.