TORONTO – The recently ousted chief executive of AlarmForce says he’s planning a legal challenge after stepping down from his post as a company director.
“Don’t count me out,” said Joel Matlin, who has been at the home security company’s (TSX:AF) helm since its inception in 1988.
“I’m stepping down as a director, but be sure I’ve got big plans. I’m working with my lawyers right now.”
Matlin would not comment on the motivations behind his resignation from AlarmForce’s board, which was announced Wednesday, citing that it’s a legal issue.
The Toronto-based company said last week that it was firing its chief executive following a nearly year-long strategic review.
Matlin, who holds a nearly eight per cent stake in the company, had previously said he plans to rally shareholders to put him back in charge.
Despite his dismissal, Matlin continues to appear in the company’s television and radio commercials.
AlarmForce has named chief financial officer Anthony Pizzonia as interim president and chief executive until a replacement is found.
“The board wishes to acknowledge Mr. Matlin’s instrumental role in founding and developing AlarmForce into one of the leading providers of security services in Canada, and wishes to thank him for his numerous contributions to the board,” the company said in a news release Wednesday.
A company spokesperson was not immediately available for comment.
AlarmForce, which has operations in Canada and the United States, provides security alarm monitoring, personal emergency response monitoring, video surveillance and other services.
The company nearly doubled its net income in the quarter ended Jan. 31, as it gained subscribers and reduced marketing costs.
Earlier this month, AlarmForce’s strategic review, which included a possible sale of the company, was completed without a deal.