VOXX International Corporation has extended the employment agreement of Chief Executive Officer Pat Lavelle through February 28, 2025, and has appointed Loriann Shelton, who currently serves as senior vice president and chief operation officer, to the position of chief financial officer, the company announced.
Shelton will start her new position as chief financial officer on March 1, 2024, and will retain her current responsibilities as chief operating officer. She will replace Michael Stoehr, senior vice president and chief financial officer, who has served as CFO for over 40 years. Stoehr will be staying with VOXX, but will transition to the role of senior vice president and treasurer, continuing to support banking relationships, M&A activities, cash management, insurance and companywide product procurement.
“I want to first congratulate Loriann. I have watched her flourish since the first day of her career, excelling in every position throughout,” said Lavelle. “She has led our Shared Services teams, overseeing all public reporting functions for corporate and our various subsidiaries and since taking on the role as COO roughly seven years ago, has managed countless projects with precision. Our entire team couldn’t be happier for her.
“I also want to acknowledge Mike’s significant contributions to VOXX. He and I have been through it all together, and he has done so much for our company and stakeholders, both in periods of turbulence and prosperity,” Lavelle continued. “He’s not going anywhere, but he has decided to take on a less strenuous role to spend more time with family at this point in his career.” Stoehr will be resigning from the Board as of March 1, 2024, and will not be standing for re-election at the company’s Fiscal 2024 Annual Meeting of Shareholders, VOXX said.