“Hi, I’m Joel Matlin…” and I’m unemployed?
In a surprise move this morning, the board of AlarmForce (AlarmForce Stock Quote, Chart, News: TSX:AF) announced it had fired President and CEO Joel Matlin.
The decision came after a lengthy strategic review failed to find a buyer for the company. That development had been mitigated by the fact that shares of the Toronto-based security player had soared to all-time highs above the $12 mark in February. But shares of AlarmForce have since fallen back below the ten dollar mark.
The board says it will begin a search to find a suitable successor, but in the meantime CFO Anthony Pizzonia will fill the role. Matlin will stay on as director.
Earlier this month, AlarmForce announced that a special committee of the board of directors of the company had explored opportunities, including the potential sale of the company, but hadn’t found a transaction it felt adequately reflected the value of the Canadian security concern. The company said the committee would be dissolved, and that it would focus on growth.
Founded by Matlin in 1988, home security systems manufacturer AlarmForce has grown to more than a quarter-million subscribers in Canada and the U.S. In mid-June, AlarmForce announced its Q2 results. For the six-month period ended April 30th, the company’s revenue rose 9%, to $ 24.02-million.
At press time, shares of AF were down .5% to $9.75.