Flash: Systemax halted, Ticker SYX

Via Briefing:

Systemax reported that it has notified Gilbert Fiorentino, Chief Executive, Technology Products Group and Director of the Company, that it intends to terminate his employment  (12.81 -0.26)

Co 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. Co’s action followed the conclusion of its independent investigation of anonymous whistleblower allegations concerning the Company’s Miami, Florida operations. 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. Co expects normal business operations to continue for its Technology Products Group businesses.