As previously disclosed, David Feldman, the Chief Executive Officer of Katy Industries, Inc.(OTCMKTS:KATY), was placed on administrative leave pending an internal review of the Company’s and Mr. Feldman’s performance, conducted by an independent committee of the Company’s Board of Directors. On October 13, 2016, the Board of Directors voted to terminate Mr. Feldman’s employment for cause, in accordance with the terms of his employment agreement, effective immediately.
The Company has initiated an executive search to locate and vet potential candidates to fill the position of Chief Executive Officer. In the interim, Lawrence Perkins, the Company’s Chief Restructuring Officer, and Curt Kroll, the Company’s Chief Financial Officer, will perform the functions of the principal executive officer of the Company.
Mr. Perkins, age 39, has served as the Company’s Chief Restructuring Officer since August 11, 2016. He is the CEO and founder of SierraConstellation Partners LLC (“SCP”), an interim management and advisory firm that provides services to companies navigating business challenges. Prior to founding SCP in 2013, Mr. Perkins was a senior managing director and regional leader of Conway MacKenzie, Inc., a national consulting firm, where he was responsible for business development, marketing, staffing, and general management of the firm’s western region. The Company previously engaged SCP to make Mr. Perkins available to serve as CRO and to otherwise advise the Company with respect to, among other things, cash management processes, the development of cost reduction opportunities, vendor relationships and development of strategic plans for the Company’s business.
Mr. Kroll, age 37, has served as the Company’s Chief Financial Officer, Treasurer and Secretary since January 2015 and served as a Vice President, Corporate Controller and Assistant Treasurer of the Company and Continental Commercial Products, LLC, a wholly-owned subsidiary of the Company, from March 2012 until January 2015. Prior to joining the Company, Mr. Kroll was an Audit Manager at Deloitte, a national accounting firm.