October 19, 2024
5 Things to Know: October 19
Zumtobel makes a CEO decision. Plus, this "Firm of the Year" nomination is raising eyebrows in lighting circles.
Here's a roundup of some of the week's happenings curated to help lighting people stay informed.
1. Zumtobel Extends CEO Contract
The Supervisory Board of Zumtobel Group has extended Alfred Felder’s contract as Chief Executive Officer (CEO) until September 30, 2027. Originally set to expire on July 31, 2025, this extension reflects the board’s commitment to continuity in leadership, acknowledging Felder’s significant contributions to the company. Under his guidance, Zumtobel has navigated challenging market conditions.
Alfred Felder
Felder, who took over as Acting President of the Management Board on February 1, 2018, was officially appointed as CEO on June 8, 2018. His leadership has been crucial in driving the company’s strategic initiatives and fostering sustainable growth. The decision to extend his contract underscores the board’s confidence in his ability to steer the company through future opportunities and challenges.
Austria-based Zumtobel Group reported global sales of EUR 1,127.0 million ($1.18 billion USD) for the 2023/24 fiscal year. The company’s U.S. base is in Highland, New York, where it employs just under 100 people in the U.S. market.
2 . “Firm of the Year” Nomination Raises Eyebrows
Private equity firm, Atar Capital, has been named a finalist for "Private Equity Firm of the Year" at the upcoming 23rd Annual M&A Advisor Awards, a recognition that comes amid recent controversy in the lighting industry. The firm touted its focus on "purpose-driven investing," but this nomination is drawing reaction among lighting people given Atar's involvement in the sudden closure of Universal Lighting Technologies (ULT), a long-standing industry brand.
The abrupt ULT shutdown in March 2023 left employees with immediate layoffs also left customers and original equipment manufacturers (OEMs) scrambling for replacement solutions. The shutdown followed months of financial losses, with Atar Capital ending funding and initiating a wind-down of operations.
3. Cree LED parent, Penguin Solutions completes rebrand
Penguin Solutions, formerly SMART Global Holdings, has completed its rebrand, reflecting a strategic shift toward AI-driven solutions. The Cree LED brand, which was acquired in 2021, remains a part of the company’s LED Solutions division, continuing to focus on high-performance LED chips and components.
With this rebrand, Penguin Solutions continues to be organized into three core business units: Memory Solutions, Intelligent Platform Solutions, and LED Solutions (which includes Cree LED). This transition highlights the company's broader focus on advanced computing infrastructure and AI technologies, spanning cloud, core, and edge environments.
Cree LED rose to $260 million in revenue in its most recent fiscal year, which represents approximately 22% of Penguin Solutions' overall revenues.
4. Mariah Carey’s Lighting Rant Goes Viral with Expert Support
Mariah Carey’s impassioned rant about overhead lighting, featured on the Las Culturistas podcast, has gone viral, sparking widespread media attention. Known for her preferences when it comes to being photographed, Carey took issue with the harshness of overhead lights, calling them "hideous" and "torturous." She joked about avoiding gyms, elevators, and other places where this lighting is common, adding, "Turn them out. I don’t want to see them no more." Her commentary resonated with numerous mainstream news outlets, leading to widespread media coverage.
The Washington Post bolstered its report on Carey's comments by consulting David Warfel, Madison, Wisconsin-based lighting designer and founder of Light Can Help You, who agreed with her stance. “Overhead lighting is a curse that most of us live under,” Warfel explained. “Anyone who says they hate overhead lighting is basically saying, ‘Hey, I’m a human being.’”
5. A Rating for Healthier Workspaces
Coworking, a concept where individuals or businesses share flexible office spaces, has grown in popularity as remote work becomes more widespread.
In response to increasing demand for healthier coworking environments, the International WELL Building Institute (IWBI) and The Instant Group have introduced the WELL Coworking Rating. This new rating benchmarks coworking and flexible workspaces on over 50 health-related features, such as air and water quality, lighting, and thermal comfort, all derived from the WELL Building Standard.
The initiative aims to enhance workplace satisfaction, employee retention, and productivity, especially as more companies prioritize wellness in their office environments. The rating comes at a time when research shows health-focused workspaces contribute to higher employee satisfaction and productivity.
