AlarmForce Industries Inc. said Tuesday it has “terminated” chief executive Joel Matlin after a strategic review of the company.
“The board and management of AlarmForce wish to thank Mr. Matlin for his dedicated years of service and numerous contributions,” the company said in a statement.
Matlin, who holds a nearly eight-per-cent stake in the company, according to data compiled by Thomson Reuters, will continue to serve as a company director.
The home security company said it has started a search process to find a permanent replacement. Chief financial officer Anthony Pizzonia will serve as interim president and chief executive.
AlarmForce completed a nearly year-long strategic review, including a possible sale of the company, earlier this month without a deal.
The company said at the time it would focus on growing its business.
Acumen Capital analyst Brian Pow said it’s possible the move is related to the company’s failure to find a buyer.
“Joel’s been the face of the company since inception,” Pow said.
“I’m certainly surprised by this at this point. Hopefully we’ll get some clarity from the board at some point.”
The Toronto-based company said a growing subscriber base and a reduction in marketing helped it nearly double its net income in the quarter ended Jan. 31.
But Pow said the company has been shifting its focus to south of the border, where earnings have been stronger lately.
“Overall, the Canadian numbers a little bit weaker than they’ve been trending historically, but the U.S. numbers are picking up,” said Pow.
“That’s where really where the game plan is going forward. At least it was until today. We’ll have to see what happens.”
Shares in AlarmForce, which were halted pending the announcement, were down 20 cents at $9.60 in trading on the Toronto Stock Exchange.
AlarmForce, which has operations in Canada and the United States, provides security alarm monitoring, personal emergency response monitoring, video surveillance and other services.