Protection One Inc. announces that John E. Mack has resigned as its CEO, saying he would pursue other business interests. He will remain on the board of directors until his term expires. However, Pro One says it does not plan on filling Mack’s vacated position. According to the Los Angeles Times, shares of Protection One, which is 85-percent controlled by Kansas-based utility Western Resources Inc., have lost about 70 percent of their value during the past year. Western Resources was forced to restate 1997 and 1998 earnings because regulators ordered changes in income reported by Pro One, one of the leading residential security alarm companies in the United States. Pro One provides monitoring and related security services to approximately 1.2 million residential and commercial subscribers in North America.
