Mr. Svend Lykke Larsen assumes leadership as Mr. Mads Bjerre-Petersen, Managing Director since the subsidiary’s 1992 creation, retires at year’s end
Kokkedal, Denmark – December 19, 2008 – KVH Industries, Inc., (Nasdaq: KVHI) today announced the promotion of Mr. Svend Lykke Larsen to the position of Managing Director for KVH Europe A/S following the retirement of Mr. Mads Bjerre-Petersen, the current Managing Director, at the end of 2008. Mr. Lykke Larsen has served as KVH Europe’s Sales Director since December 2007 and worked closely with Mr. Bjerre-Petersen, who has managed KVH Europe since its inception in 1992. Under Mr. Bjerre-Petersen’s leadership, KVH Europe A/S’s revenue has grown at a rate exceeding 30% annually since 2002 and the company has received several prestigious awards, including being named the overall “IT Tele- and Networking Equipment” category winner in the 2008 roundup published by Computerworld, a leading IT publication.
Mr. Bjerre-Petersen’s contributions to the maritime electronics industry are not limited to his 16 years at KVH. In 1976, he founded KVH Europe’s predecessor company, Danaplus A/S, and managed the company until KVH acquired its assets in 1992. Prior to founding Danaplus A/S, Mr. Bjerre-Petersen founded and operated MBP Trading, a marine electronics distribution firm.
“We are truly grateful to Mads for his 16 years of dedication, innovation, and sound leadership in building KVH Europe into such a vital part of our global business,” says Mr. Martin Kits van Heyningen, KVH’s chief executive officer. “I am confident that Svend will continue to strengthen KVH’s expanding position in the worldwide mobile satellite communications marketplace, especially as we expand our mini-VSAT Broadband service to offer broadband data and voice services to mariners and aeronautical applications around the globe. As a company, we are lucky to have one great leader succeeding another.”
Mr. Lykke Larsen will officially assume the title of Managing Director for KVH Europe on January 1, 2009. Before joining KVH Europe, he served as the Global Accounts Director at Navico A/S, a global leader in navigation and marine electronic systems for yachts, building experience in business development for both existing and new business areas, which has proved useful as KVH continues to penetrate the commercial maritime market.
About KVH Europe A/S
KVH Europe A/S is a wholly owned subsidiary of Middletown, RI, USA-based KVH Industries, Inc. KVH is a leading provider of in-motion satellite TV and communication systems, having designed, manufactured, and sold more than 150,000 mobile satellite antennas for applications on boats, RVs, trucks, buses, and automobiles. KVH Europe is the preferred supplier of marine satellite TV systems to most leading powerboat builders and, as a winner of 32 National Marine Electronics Association “Industry Awards”, KVH’s mission is to connect mobile customers with the same digital television entertainment, communications, and Internet services that they enjoy in their homes and offices.
This release may contain certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, for example, the functionality, characteristics, quality and performance of KVH’s products and technology; anticipated innovation and product development; and customer preferences, requirements and expectations. The actual results could differ. Factors that may cause such differences include, among others, our dependence on the availability of third-party satellites, which face significant operational risks and could fail earlier than their expected useful lives, for our mobile satellite communication services, as well as those discussed in KVH’s most recent Form 10-Q filed with the SEC. KVH does not assume any obligation to update its forward-looking statements to reflect new information or developments.