Arling to Replace Jayne at UEI7/24/2001 3:16 AM Eastern
Wireless-remote-control developer Universal Electronics Inc. said late last
week that company CEO Paul Arling will also assume chairman duties, replacing
cable-industry veteran Camille Jayne.
Jayne will serve as a UEI consultant and remain on the company's board. She
also plans to return to her Irvine, Calif.-based consulting firm, The Jayne
Group, the company said.
Jayne -- a former Tele-Communications Inc. executive who played a key role in
the MSO's digital-video strategy -- joined UEI in February 1998.
In a press release, Jayne said she had 'initiated a succession plan that
would culminate in my departure as an executive of UEI and allow me to pursue a
more balanced life.'
Part of that plan included the addition of Rob Lilleness as president and
chief operating officer, she added.
Jayne was not immediately available for further comment.
For the first quarter ended March 31, UEI posted net sales of $31 million, up
37 percent versus the year ago period, and net income of $2.5 million (17 cents
per diluted share), up $146 million.
UEI shares closed Monday at $13.86 apiece, down 49 cents. They hit a 52
week-high of $25.62 during intraday trading Sept. 11.