Mace Security International (MACE) Terminates Chairman/CEO
Mace Security International, Inc. (Nasdaq: MACE) announced that its Board has terminated Louis Paolino as a Director, Chairman and CEO of the company.
Mr. Paolino was terminated by the Company as Chief Executive Officer for willful misconduct under Paragraph 7(a)(iv) of the Employment Agreement between Mr. Paolino and the Company dated August 21, 2006. The Board said Paolino's termination is related to the Board's belief that Mr. Paolino has not followed the instructions of the Board or sufficiently performed his supervisory duties.
Gerald LaFlamme has been appointed to the position of Interim CEO. A search committee of the Board of Directors has been formed to locate a new CEO. Also, Jack Mallon has been appointed as the company's Chairman.
StreetInsider note: shares of Mace are currently halted.
Mace Security International, Inc. manufactures personal defense and electronic surveillance products in the United States.
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