IEC Electronics Corp.’s former number-two executive is now its CEO.
In a filing with the Securities and Exchange Commission dated Thursday evening, the electronics manufacturer named Jeffrey Schlarbaum as president and CEO.
Schlarbaum, 48, served as IEC president under former Chairman and CEO Barry Gilbert from 2010 to 2013. Schlarbaum previously worked in various management roles at the Newark, Wayne County, company starting in 2004.
After his departure from IEC, Schlarbaum worked as chief operations officer for LaserMax Inc. for roughly one year and spent the past eight months pursuing other interests, the filing states.
Schlarbaum will earn an annual base salary of $350,000, and IEC expects to enter into an employment agreement with him at a future date, the filing states.
“I am honored to be given the opportunity to lead IEC’s revitalization efforts to return this company back to its industry-leading performance,” Schlarbaum said in a statement. “During my previous tenure at IEC, the company’s success was a result of formulating a new strategy to differentiate IEC from its peers in the contract manufacturing industry, affecting a new leadership philosophy and leveraging a high-quality, dedicated workforce. IEC became a star.”
He holds a bachelor of business administration degree from National University in San Diego and an MBA from Pepperdine University in Malibu, Calif.
Schlarbaum was elected to IEC’s board of directors by shareholders on Jan. 28 along with Jeremy Nowak, partner at Vintage Capital Management LLC, who has been elected IEC chairman.
“During Jeff’s tenure, the company experienced significant sales growth of over 500 percent, simultaneously achieving some of the industry’s highest profit levels. Jeff was respected by customers and employees alike,” Nowak said. “Since his departure, the company lost its way.”
Florida-based Vintage is IEC’s largest shareholder and had been expressing concerns over IEC’s performance. As a result of the dissatisfaction, Vintage put forth an alternative board of directors slate than what IEC proposed.
The Vintage slate was elected by IEC shareholders and, shortly after, IEC announced Gilbert’s termination.
This week IEC said it was restating some financial results for the past fiscal year. Because of the accounting issues, IEC said it will delay filing its financial results for the first quarter of fiscal 2015 until it gets proper recalculations of its fiscal 2014 numbers.
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