HEAR - Turtle Beach gains on plan to conduct strategic review adds activist to board

2023-05-08 08:41:30 ET

Turtle Beach ( NASDAQ: HEAR ) rose 3% in premarket trading after the videogame headphone maker said its board formed a committee to look a ways to maximize value for shareholders, including potential strategic transactions.

The headphone maker also announced that it added William Wyatt of the Donerail Group, one of Turtle Beach's largest shareholders, to its board, effective immediately, according to a statement.

"I believe that the addition of Will as a shareholder representative with a sound understanding of our business after years of investing in the company, along with being a key part of our newly created Value Enhancement Committee, will further extend our momentum of value creation for shareholders," Terry Jimenez, Chairman of the Board at Turtle Beach, said in the statement.

The news comes after Turtle Beach ( HEAR ) announced a week ago that Juergen Stark, who has served as CEO since 2012 and Chairman since 2020 will step down from both roles. A strategic review also follows after Turtle Beach in August that it  ended plans to sell itself. The company said it decided not to sell itself following a strategic review that included "discussions with 109 parties" about some kind of deal.

More on Turtle Beach

• Turtle Beach says holder Immersion rejected its recent offer for board seats
• Still Avoiding Turtle Beach
• Turtle Beach gains on board deal with Donerail, expanded strategic review

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