Sidney Harman to Retire, Annoints Successor
Harman International announced that founder and chairman Dr. Sidney Harman would retire December 3, 2008.
Harman International, parent company of such brands as AKG, Crown, dbx, and JBL, announced that founder and chairman Dr. Sidney Harman would retire December 3, 2008, concurrent with the company's annual shareholders' meeting. Dr. Harman advised the Board of Directors that Dinesh C. Paliwal, who has served as president, CEO and vice chairman since joining Harman International in 2007, should be elected as his replacement, to which the directors agreed. Paliwal will assume the position of chairman and CEO when the company's new fiscal year begins on July 1, 2008.
"I recruited Dinesh Paliwal to become our CEO with high expectations, and he has validated my confidence by bringing remarkable energy and expertise to the company," said Dr. Harman in a statement. "As I approach my 90th birthday, it is clearly a very good time to endorse Dinesh's leadership and his outstanding team."
"I am very pleased by this continuing vote of confidence from the Board and Dr. Harman," said Paliwal. "Our company enjoys a rich legacy of innovation, entrepreneurial spirit, and personal respect...I look forward to building upon Dr. Harman's heritage."
In his post-retirement roll of founder and chairman emeritus, Dr. Harman said he will contribute $2.5 million to endow a new Sidney Harman Scholarship Fund to benefit continuing education by children and grandchildren of long-term company employees. The company reportedly will consider future participation in this fund and is planning a variety of worldwide activities to recognize Dr. Harman's generosity and celebrate his more than 50 years of service to the industry.
Sidney Harman, 89, co-founded Harman International in 1953. Dr. Harman, who is active in business, educational, and philanthropic circles, has written extensively on productivity, the quality of working life, and economic policy, and lectures at the University of Southern California.
Dinesh Paliwal, 50, earned a Masters of Science in Engineering from the Indian Institute of Technology in Roorkee, India, and an MS in Applied Science and Engineering plus an MBA in Finance from Miami University of Ohio. Before joining Harman International, Paliwal was president of global power and automation technology company ABB.