SANTA MONICA - November 6, 2013— Beats Electronics LLC (Beats), the leading audio brand co-founded by legendary artist and producer Dr. Dre and Interscope Geffen A&M Chairman Jimmy Iovine, has appointed Matthew Costello to the role of Chief Operating Officer (COO).
In his role as COO, Costello will report to Beats President Luke Wood and will oversee the company’s global operations including manufacturing, supply chain, sales operations, quality control, Beats retail stores, e-commerce and information technology. Specifically, Costello will play an instrumental role alongside Wood to build and execute a global strategy that drives the company's growing market share and international expansion.
“I’ve known Matt a long time and have had the pleasure of working with him in multiple capacities over the years,” said Wood. “His credentials and experience as an operations leader who can help drive innovation and support growth in a global organization speak for themselves. I’m thrilled that we were able to recruit him to join us as we take Beats to the next level.”
Costello is a seasoned global leader who has served in key executive roles in consumer-facing organizations across three continents. Most recently he served as Head of Group Strategic Development for the Swedish Home Furnishings Leader IKEA. Prior to that, Costello held senior management roles at Sony Ericsson Mobile Communications in Europe and later at HTC Corporation based in Taiwan, where he served as the company’s COO and was responsible for developing the infrastructure and capabilities that enabled the growth of the organization as it was breaking out in the smartphone space. During his tenure with HTC, Costello also served as the primary liaison between HTC and Beats following the mobile company’s investment in Beats back in 2011 and has been an advisor and supporter of the Beats brand ever since.
“Beats is one of those rare opportunities where I can bring both my professional expertise and personal passions to work every day,” said Costello. “I am impressed by what this executive team has accomplished with this company to date, and even more fascinated by their vision for the future of premium audio and consumer electronics. The foundation they have built and their ability to continue growing on a global scale is a true testament to their talents and I am excited to join them.”
Separately, Beats also announced that Wood has been appointed to the Beats Electronics Board of Directors alongside Iovine, Dr. Dre and three independent directors.
Beats currently has a 57% dollar share of the $100+ premium headphone category in the U.S. (Source: The NPD Group's Retail Tracking Service January-September 2013)