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IEC to submit plan of compliance to NYSE

IEC Electronics Corp. plans to submit a plan of compliance to the New York Stock Exchange after receiving a letter from the exchange stating the company was not in compliance with certain regulations.

The Newark, Wayne County, electronics manufacturer said Tuesday it would submit a plan by Feb. 24 providing the exchange with actions the company has taken, or intends to take, to bring it into compliance.

The issue stems from IEC’s failure to file its quarterly report in a timely manner. IEC previously had stated it would not meet the filing deadline because of pending financial reinstatements.

The issue is the latest in a series of events at the firm. IEC’s newly elected board of directors slate, elected late last month at the urging of IEC’s largest shareholder, Vintage Capital Management LLC, terminated former Chairman and CEO Barry Gilbert and last week named Jeffrey Schlarbaum as president and CEO.

Schlarbaum previously served as IEC’s president, but he left in 2013. He is also now a member of the company’s board of directors.

(c) 2015 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.

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