TCP International Holdings Ltd (NYSE:TCPI), a leading global manufacturer of energy efficient lighting technologies, today announced that K.R. “Kaj” den Daas will assume the role of Chief Executive Officer replacing Ellis Yan. Mr. Yan remains Chairman of the TCP Board of Directors and will support Mr. den Daas as he transitions into his new role.
“I am proud to have led TCP and pleased to welcome Kaj to the TCP team,” said Mr. Yan. “Kaj brings with him a vast knowledge of the lighting industry and will provide strategic leadership and vision to continue to grow TCP globally. His passion and commitment to energy efficient lighting has shown throughout his successful thirty plus years in senior leadership positions, including being Chairman of Philips Lighting North America. Kaj’s expertise and leadership in the lighting industry makes him the ideal choice to lead TCP moving forward.”
“I am delighted to join TCP as CEO,” said Mr. den Daas. “Having spent my entire career in the lighting industry, I have watched TCP become a significant player in the global lighting market. I look forward to leveraging the products and manufacturing platform the TCP team has developed to take advantage of the enormous lighting market opportunity in front of us.”
Mr. den Daas has significant experience in the lighting industry serving in various capacities at Royal Philips between 1977 and 2010. This includes most recently being Chairman of Philips Lighting North America and Chief Executive Officer, Business Unit Professional Luminaires, North America for Philips. During his tenure with Philips Lighting, Mr. den Daas was responsible for manufacturing, R&D, distribution, commercial and all other business functions of Philips Lighting in the United States, Canada and Mexico. Under his leadership, Philips became the largest lighting company in North America.
Mr. den Daas currently serves on a number of boards including private equity, venture capital and public companies within the lighting and related industries, including Valmont Industries Inc. Mr. den Daas also is a member of the Illumination Engineering Society of North America and from 2008 to 2010 served as Governor of National Electrical Manufacturers Association (NEMA). Mr. den Daas earned a doctorate degree in Business Economics from Erasmus University, Rotterdam. (Original Source)
Shares of TCP International closed yesterday at $4.18. TCPI has a 1-year high of $11.40 and a 1-year low of $1.76. The stock’s 50-day moving average is $4.17 and its 200-day moving average is $4.54.
On the ratings front, TCP International has been the subject of a number of recent research reports. In a report issued on April 17, Piper Jaffray analyst Mike Ritzenthaler reiterated a Hold rating on TCPI, with a price target of $6, which represents a potential upside of 43.5% from where the stock is currently trading. Separately, on the same day, Cowen’s Jeff Osborne assigned a Hold rating to the stock and has a price target of $4.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mike Ritzenthaler and Jeff Osborne have a total average return of 0.8% and 1.8% respectively. Ritzenthaler has a success rate of 55.6% and is ranked #2253 out of 3688 analysts, while Osborne has a success rate of 54.5% and is ranked #1856.
TCP International Holdings Ltd is a producer and provider of energy efficient light bulbs to the structures of light bulb market. It designs, develops, manufacture and deliver quality energy efficient lamps, fixtures & among others.