Mackie Hires Paul Rice as Executive Vice President, Sales, Engages Investment Bank

Paul Rice will leave his position as President/CEO of Universal Audio in Santa Cruz, CA to become EVP, Sales at Mackie Designs. Rice will manage the global sales network for Mackie, EAW and RCF. Rice has also been President and CEO of Apogee Electronics, which tripled sales under his leadership. He left Sam Ash Pro in 1991 to become VP, Marketing at Digidesign and was later VP of Sales during some of Digi’s hottest boom years.

Rice will report directly to Chief Executive Officer Jamie Engen, who said that "Paul is a respected industry veteran with many years of directly relevant experience as a user, retailer and marketer of premium audio gear. He will play a critical role in the growth of Mackie's global sales.”

Rice becomes one of the point people in Mackie’s struggle to regain profitability after two losing quarters. The stock price is currently hovering around $4, having peaked at $7 earlier this year. Another key player in Mackie’s future is investment bank Gerard Klauer Mattison, which has been retained to “help evaluate strategic alternatives, including potential acquisitions and raising additional capital.” Given the performance of Mackie’s acquisitions to date, the additional capital part looks more likely, at least in the short term. However, CEO Jamie Engen sees Mackie becoming "a much larger and more profitable company. With our strong competitive position, we see many opportunities for Mackie to enter new markets and expand market share even in today's challenging economic environment."

GKM fields a Technology Group and an Entertainment & Media Group: Mackie’s business is related to both fields. Time will tell if GKM’s research analysts and investment bankers can spin the Mackie story into Wall Street gold. In the meantime, the board will be looking to Mr. Rice to help put some positive numbers on the books.