"Over the past ten years, Jamie has played a critical role in growing Loud Technologies into the industry leader that it is today. We appreciate his contributions and wish him the best," said Tom Taylor, the board member who led the search for Engen's successor. "We are fortunate to have a strong successor to take over the reins and continue our growth efforts."
Olson joins Loud Technologies after a decade with Cardinal Brands, a Kansas-based $170 million office products company, where he has served as CFO, president and, most recently, CEO for the past two years. Under Olson's leadership, the company's revenues grew 30% despite highly competitive market conditions. Prior to this, Olson served as CFO at Sabreliner Corporation, a $250 million aviation company, where he was responsible for mergers and acquisitions activity and was integral in driving revenue and market share growth in the six years he was there.
"Rodney has a proven track record of success over his 20 years of experience in executive positions, and the board is confident he has the skills and expertise needed to lead Loud Technologies into the future," said Taylor. "His focus will be on integrating our recent acquisition of Martin Audio, while also overseeing sales and marketing to help Loud Technologies and our dealer partners drive our stable of well established brands."
Engen's departure follows that of chief financial officer Gerald Ng earlier this year, and the recent appointment of James Stewart as the company's new chief operating officer.
Loud Technologies Inc reported a loss of $12.5m in 2007, and a further loss of $2.5m in the first quarter of 2008.
(Lee Baldock)
