ITASCA, IL – Knowles Corporation (NYSE:KN), a manufacturer of household audio and video equipment, announced the resignation of Erania Brackett from its Board of Directors, effective September 13, 2024. The resignation was confirmed in a recent 8-K filing with the Securities and Exchange Commission.
Brackett, who has been serving on the Knowles Board, decided to step down following a significant change in her principal employment. According to the filing, her departure is in line with the company's Corporate Governance Guidelines, which typically require a director to offer their resignation in such circumstances.
The company clarified that Brackett's resignation was not due to any disagreements or disputes regarding operations, policies, or practices of the company. The Governance and Nominating Committee of the Board accepted her resignation on September 3, 2024.
Knowles Corporation, headquartered in Itasca, Illinois, operates under the SIC category of Household Audio & Video Equipment. The company is incorporated in Delaware and has its fiscal year-end on December 31.
In other recent news, Knowles Corporation has reported strong growth for the second quarter of 2024, with revenues reaching $205 million, an 18% increase year-over-year.
The Precision Devices segment saw a significant 55% revenue increase, while the Medtech & Specialty Audio segment and Consumer MEMS Microphone business grew by 4% and 9% respectively. In addition, Knowles' financial strategy included repurchasing $25 million of shares and reducing its debt by $34 million.
Knowles Corporation has also announced its MIL-PRF-55681 capacitors have qualified for manufacturing and testing in the United States, meeting the Defense Logistics Agency's stringent standards for defense and aerospace applications.
These capacitors will be listed on the U.S. Department of Defense's Qualified Products List, streamlining the procurement process for government projects.
Looking ahead, Knowles expects sustained cash generation and projects Q3 revenues to be in the range of $210 million to $220 million. The company is also considering the potential sale or restructuring of its Consumer MEMS Microphone business and is actively pursuing acquisitions.
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