Beats Names IKEA Exec Matthew Costello As COO
(UPDATED) Beats, the audio brand and soon to launch streaming music service co-founded by Dr. Dre and record exec Jimmy Iovine, has appointed Matthew Costello as Chief Operating Officer. Separately, Beats also announced that Beats President Luke 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. according to the The NPD Group's Retail Tracking Service January-September 2013.
Much as he did as an exec at IKEA, Costello will oversee Beats global operations including manufacturing, supply chain, sales operations, quality control, Beats retail stores and e-commerce.
“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," said Costello in a statement. "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.”