Milwaukee-based Koss Corp. announced David Smith, the company’s executive vice president and chief financial officer, will retire at the end of the current fiscal year.
Smith joined the company at the age of 55 in January 2010, just a month after the company fired Sujata “Sue” Sachdeva following the revelation she had embezzled $34 million from the company. Sachdeva was Koss’ vice president for finance, secretary and principal accounting officer. Smith replaced Michael Koss as CFO. Koss is currently chairman and CEO.
Koss Corp. has been profitable in all but one year during Smith’s tenure. The company has also been able to recover a net of almost $10.2 million through the first half of fiscal 2017, according to securities filings, and still has an ongoing appeal in litigation with Park Bank.
Smith was CFO at Milsco Manufacturing, part of what is now Jason Industries Inc., from 2006 until he joined Koss. He also was CFO of Alkar-Rapidpak, Inc. from 2002 to 2006.
Smith will stay with Koss until June 30 to help with the transition of his responsibilities to his successor. The company is currently in the process of succession planning to find a replacement.
