Turtle Beach Corporation announced that In connection with Mr. Stark's decision to step down as Chairman, the Board has elected to separate the roles of Chairman of the Board and CEO going forward and has unanimously elected Terry Jimenez as non-executive Chairman of the Board. Mr. Jimenez joined the Board in October 2022 as an independent director nominated by one of the Company's largest shareholders and brings meaningful public company expertise and business and financial experience to the boardroom. Mr. Jimenez most recently served as Chief Executive Officer, President and board member at Tribune Publishing Company, a media company, and previously served as its Chief Financial Officer.

In addition, both Mr. Stark and William Keitel, Lead Independent Director, have informed the Board that they will not stand for re-election at the Company's 2023 Annual Meeting, and Mr. Keitel will step down from his role as Lead Independent Director, effective immediately, a role the Board does not intend to fill in light of the appointment of a non-executive Chairman. The Board intends to appoint a shareholder representative in Mr. Keitel's place, to be nominated for election at the 2023 Annual Meeting. Additionally, the Board is announcing a reorganization of its committees, including the committee chairs.

The new committees will be organized as follows: Audit Committee: Katherine Scherping (Chair), Greg Ballard and Dr. Andrew Wolfe, Compensation Committee: Michelle Wilson (Chair), Brian Stech and Julia Sze, Nominating and Corporate Governance Committee:Julia Sze (Chair), Terry Jimenez, Katherine Scherping and Dr. Andrew Wolfe. The Board continues to be focused on value enhancing or strategic actions that would be in the interest of all shareholders.