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Pulse Electronics Announces Leadership Changes

Pulse Electronics Corp. appointed Alan Benjamin as interim CEO and John Major as interim chairman of the board, following the resignation of Ralph Faison as chairman, president and CEO, the company announced.

Benjamin had been chief operating officer, and Major had been lead independent member of Pulse’s board of directors.

According to the company, Faison will serve as a senior adviser to the company to allow for a smooth transition of his duties. The board will immediately begin a search for a permanent CEO, which will include internal and external candidates.

“The board and Ralph mutually agreed that now is the right time for a change in leadership as we capitalize on the recent restructuring of Pulse’s balance sheet, continue to reduce operating expenses and embark on the next phase of Pulse’s growth,” Major said.

Benjamin has been Pulse’s chief operating officer since February 2011 and its senior vice president since May 2008. He joined Pulse in 1994, rising to roles with increasing responsibility over his tenure, including president of the company’s subsidiary, Pulse Electronics Inc., according to Pulse.

Major is the president of MTSG, a strategic consulting and investment company. Previously, he was the chairman and CEO of Novatel Wireless Inc., Pulse said.

Benjamin said the company expects net sales for second quarter 2014 of about $93.6 million, up 6 percent from $88.3 million in the prior-year quarter, and up 14.6 percent from $81.7 million in the first quarter.

Early in July, Pulse reported that it had received notice of noncompliance from the NYSE. At the time, the company said it was below the NYSE minimum requirement for average total market capitalization over 30 consecutive trading days of greater than $50 million.

Pulse said at the time that it had 45 days to come up with a plan to demonstrate how it will comply with NYSE’s rules within a nine-month period.

Pulse Electronics is an electronic components provider.

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