TORONTO — AlarmForce Industries announced Tuesday that it had terminated its President and CEO Joel Matlin following a strategic review of the company.
“The board and management of AlarmForce wish to thank Mr. Matlin for his dedicated years of service and numerous contributions to the company,” states an official AlarmForce-issued release.
The announcement comes weeks after the firm’s board of directors decided not to pursue selling the company after completing a nearly yearlong strategic review. AlarmForce’s board says Matlin will continue to serve as director of the firm.
While the firm seeks a permanent replacement, Anthony Pizzonia, AlarmForce’s CFO, will serve as interim president and CEO effective immediately.
The news caught Matlin, who holds a nearly 8% stake in the company, by surprise, The Toronto Star reports. He maintains that he was not involved in any wrongdoing and that the decision was a political maneuver on behalf of the board. He’s hopeful that company shareholders will help him return as AlarmForce’s president.
Brian Pow, an analyst for Acumen Capital, believes the move is related to the company’s failure to find a buyer, The Globe and Mail reports. Pow notes that recently the company has shifted its attention to the U.S. market, where earnings have picked up.
AlarmForce provides security alarm monitoring, personal emergency response monitoring, video surveillance and related services to residential and commercial subscribers throughout Canada and select markets in the United States.
Recommended for You:
