Systemax Notifies Gilbert Fiorentino of Intent to Terminate Employment
April 18 2011 - 11:18AM
Business Wire
Systemax Inc. (NYSE: SYX) reported that it has notified
Gilbert Fiorentino, Chief Executive, Technology Products Group and
Director of the Company, that it intends to terminate his
employment, pursuant to the terms of his employment contract.
Fiorentino has been placed on administrative leave, effective
immediately. Systemax has named Robert Leeds to serve as Interim
Chief Executive, Technology Products, reporting to Systemax
Chairman and CEO Richard Leeds. Robert Leeds was the founding CEO
of Systemax’s Technology Products business and currently serves as
Vice Chairman of the Board of Directors.
The Company’s action followed the conclusion of its independent
investigation of anonymous whistleblower allegations concerning the
Company’s Miami, Florida operations. The investigation was
initially disclosed in Systemax’s Form 10-K filed with the SEC on
March 17, 2011.
Systemax reported that the investigation, which was conducted by
the Audit Committee with the assistance of independent counsel,
determined that the issues giving rise to the allegations did not
have a material impact on Systemax’s previously reported financial
results and were limited to the Company’s Miami operations. The
Company expects normal business operations to continue for its
Technology Products Group businesses.
Richard Leeds, Chairman and Chief Executive Officer of Systemax,
stated, “We appreciate that our internal processes facilitated the
efforts of the individual who brought these matters to our
attention, and we appreciate the diligent work done by our Audit
Committee and its independent counsel to thoroughly evaluate the
complaints. Systemax’s Technology Products businesses benefit from
the leadership of a strong team and the hard work of many great
employees throughout the organization. We thank them for their
continued support and dedication and look forward to a promising
future.”
About Systemax
Systemax Inc. (http://www.systemax.com), a Fortune 1000 company,
sells personal computers, computer components and supplies,
consumer electronics and industrial products through a system of
branded e-Commerce web sites, retail stores, relationship marketers
and direct mail catalogs in North America and Europe.
Forward-Looking Statements
This press release contains forward-looking statements about the
Company’s performance. These statements are based on management’s
estimates, assumptions and projections and are not guarantees of
future performance. The Company assumes no obligation to update
these statements. Actual results may differ materially from results
expressed or implied in these statements as the result of risks,
uncertainties and other factors including, but not limited to: (a)
unanticipated variations in sales volume, (b) economic conditions
and exchange rates, (c) actions by competitors, (d) the
continuation of key vendor relationships, (e) the ability to
maintain satisfactory loan agreements with lenders, (f) risks
associated with the delivery of merchandise to customers utilizing
common carriers, (g) the operation of the Company’s management
information systems, and (h) unanticipated legal and administrative
proceedings. Please refer to “Risk Factors” and the Forward Looking
Statements sections contained in the Company’s Form 10-K for a more
detailed explanation of the inherent limitations in such
forward-looking statements.
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