Ousted CEO Joel Matlin resigns from AlarmForce board of directors
Just days after he was blindsided by his dismissal, former AlarmForce CEO Joel Matlin has voluntarily resigned from the company's board of directors, the company announced.
The resignation, effective July 30, comes about a week after he was unanimously terminated by the board on July 23 following a year-long strategic review, with the possibility of a sale that failed to attract a buyer.
Matlin was reportedly surprised by the announcement, according to a report from Canadian Press, given the nearly doubled net income figures the company posted for the quarter ending Jan. 31. According to the report, Matlin was still appearing in television ads a week after his termination.
“If you’re going to get rid of the face of the company, wouldn’t it make sense if you had a marketing plan in place?” Matlin told the news source.
Matlin had been the CEO of the company since its 1988 beginnings with a nearly 8% stake in the company. Initially, he was considering his legal options and asking shareholders to reinstate him via a proxy vote, but his resignation could signal a reversal of priorities.
According to the news source, Matlin admitted that his termination was related to a conflict he had had with CFO Anthony Pizzonia, who is serving as interim president and chief executive for the time being.
"The Board wishes to acknowledge Mr. Matlin's instrumental role in founding and developing AlarmForce into one of the leading providers of security services in Canada, and wishes to thank him for his numerous contributions to the Board," said the company in a statement.