Skullcandy CEO Resigns

Rick Alden, the founder and chief executive of Skullcandy Inc., is resigning his post, the company announced. Alden is a major shareholder in the company and will remain on the board. President and Chief Operating Officer Jeremy Andrus will step into the CEO role. Formed in 2003, SkullCandy is based in Park City, Utah, and has raised money from investors including Goode Partners. The company filed earlier this year for an initial public offering.

PRESS RELEASE
Skullcandy, Inc. announced today the resignation of Founder and CEO Rick Alden, who has led the company since its inception in 2003. As a major shareholder, Rick continues to support Skullcandy and will remain on the board of directors. President and Chief Operating Officer Jeremy Andrus succeeds Rick as the new CEO.

“Rick developed his inspiration for Skullcandy on a chairlift in Park City and has worked tirelessly to create and establish the Skullcandy brand,” said Chairman of the Board, Jeff Kearl. “I support Rick’s decision and would like to thank him for his hard work and leadership. Skullcandy has always looked at change as an opportunity, and this marks a new chapter for the company.”

Jeremy joined Skullcandy in 2005 and has served as its President and Chief Operating Officer since June 2008. Prior to joining the company, he was a strategic planner for Kimpton Hotel & Restaurant Group, developed hotel properties for Marriott and worked as a consultant for Monitor Company. Jeremy holds a B.A. from Brigham Young University and an M.B.A. from Harvard Business School.

Jeremy Andrus said, “I am honored to have the opportunity to build upon what Rick has created. Skullcandy has been an amazing six-year journey, and I look forward to continuing the voyage in my new role as CEO.”

Rick Alden said, “Jeremy has been the greatest partner an entrepreneur could hope for to assist building a concept into the company that Skullcandy has become. I expect he will be fantastic in his new role as CEO.”

About Skullcandy, Inc.
Skullcandy is a leading audio brand that reflects the collision of the music, fashion and action sports lifestyles. The Skullcandy brand symbolizes youth and rebellion, and embodies the company’s motto “Every revolution needs a soundtrack.” Skullcandy develops and distributes headphones and other audio accessories to retailers throughout the United States and to distributors worldwide.

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