Ballantyne Strong, Inc, a diversified provider of digital technology services, products and solutions, announced that its board of directors has elected Samuel C Freitag to serve as chairman of the board, effective January 1, 2015. Mr. Freitag succeeds William F Welsh, II, who has chosen to step down as chairman while remaining as a member of the board of directors. Mr Welsh, age 73, has served as chairman of the board of Ballantyne Strong since 2000.
“Since joining the board of Ballantyne Strong in 2011, Sam has demonstrated exceptional leadership capabilities and the skill set required to be an effective chairman of the board,” said Mr Welsh. “We determined that it’s a good time to transition to new leadership at the board level and we have great confidence in Sam to help guide the continued transition of Ballantyne to a more diversified business model and oversee the growth of our digital media business. It will be my privilege to continue serving as a member of the board and working with the other directors to guide the execution of our strategic plan for enhancing shareholder value.”
“We would like to thank Bill Welsh for his many years of distinguished service as Ballantyne’s chairman and we are very pleased that he will continue to be a valuable member of the board,” said Mr. Freitag. “I am excited to assume the role of chairman at such an important time in Ballantyne’s history. We have made a great deal of progress in positioning the company for long-term success by entering new markets with strong opportunities for future growth. I look forward to working with my fellow board members and the management team to execute on our vision for Ballantyne and creating value for shareholders in the future.”
Samuel C. Freitag, age 58, has been an independent private investor since January 2004. From July 2002 to December 2003, he was President of McCarthy Capital Corporation, a private equity fund manager with approximately $300 million in capital. From 1986 until 1997, he held various positions with George K. Baum Merchant Bank, LLC, including serving as Senior Managing Director and Director, Investment Banking. Mr Freitag has served as a director of Ballantyne since June 2011 and has been a member of the Audit, Compensation, and Nominating and Corporate Governance committees.