IEC Electronics Corp.’s new board of directors has terminated CEO Barry Gilbert, a filing with the U.S. Securities and Exchange Commission states.
The termination on Friday took effect immediately, the filing Friday evening states.
Gilbert had served as chairman as well until receiving the lowest number of votes at the annual meeting on Jan. 28. IEC shareholders voted out its current board and elected a slate nominated by IEC’s largest shareholder, Vintage Opportunity Fund L.P. IEC had announced the vote tally last Monday.
Gilbert began in the top role in June 2002, initially as acting CEO. He had been a director of IEC since 1993 and its chairman since February 2001. Gilbert previously was president of the thermal management group of Bowthorpe PLC and corporate vice president and president of the analytical products division of Milton Roy Co., a manufacturer of analytical instrumentation.
Vintage Capital has said it began investing in IEC in May 2013 because it believed the common stock was undervalued.
Over the past year, the investment firm’s leaders have expressed concern over IEC’s operation—so much so that they presented their own candidates.
Vintage Capital claims several issues with the contract electronics manufacturer. The complaints include poor capital allocation, management changes that have affected the firm’s ability to execute its strategic plan and ignoring offers to sell IEC at a price that would have provided shareholder value.
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