Atkins Is Said to Assume B&W Control From San Francisco 49ers Co-Owner Yu

Former Bowers & Wilkins CEO Joe Atkins has assumed control, with other secured creditors, of the high-end audio company, a source familiar with the situation, told us. B&W announced Thursday it will have a board that’s independent of Eva Automation, a Silicon Valley technology company that caught the audio world off guard three years ago with its purchase of the high-end audio brand (see 1605030054). Gideon Yu, co-owner of the San Francisco 49ers and former chief financial officer at Facebook and YouTube, and Greg Lee “are no longer leading Bowers & Wilkins,” said the news release. The businesses will continue to cooperate “where mutually beneficial,” said B&W. David Duggins was appointed to the B&W board as sole independent director; Geoff Edwards is leading the executive team, assuming responsibility for day-to-day operations, it said. “This highly experienced management team will ensure stability as the business looks to continue its recent success in the months to come,” said the company. The overall business performance of Bowers & Wilkins remains "very good," said the company. Its partnerships with Philips TV, BMW, Maserati, McLaren and Volvo "continue to thrive," it said. The company referenced "new product launches in the months to come," but didn't provide details. Yu and Lee couldn’t be reached for comment. Atkins didn’t immediately respond to questions.