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Fiorentino To Plead Systemax Case Tuesday

5/02/2011 12:01:00 AM Eastern

PORT WASHINGTON, N.Y. – Gilbert Fiorentino,
who is on administrative leave as CEO of Systemax
Technology Products Group, will get a chance to
plead his case before the company’s executive committee
on May 3.

Systemax put Fiorentino on administrative leave in
April and plans to terminate him under terms of his employment contract.

With his legal counsel Fiorentino will have a
chance to plead his case before the company’s
executive committee tomorrow. The meeting is
required under the terms of Fiorentino’s employment
contract, according to a filing with the Securities
and Exchange Commission. Following
the executive committee meeting, Systemax will
make its final determination regarding Fiorentino’s
employment.

According to a company statement, the action by
Systemax followed the conclusion of its independent
investigation of anonymous whistleblower allegations
concerning the company’s Miami, Florida operations.
The investigation was initially disclosed in Systemax’s
Form 10-K filed with the SEC on March 17, 2011.

Systemax reported that the investigation, which
was conducted by its audit committee with the assistance
of independent counsel, determined that the
issues giving rise to the allegations were limited to Miami
operations and did not have a material impact on
its previously reported financial results.

Under Fiorentino the company acquired the assets
of CompUSA and Circuit City’s online business,
which he helped integrate with its TigerDirect retail
operation under the Technology Products Group
umbrella. He also led the development of the company’s
Retail 2.0 store concept, which deploys webconnected
interactive kiosks throughout showrooms.

Systemax named Robert Leeds to serve as its interim
CEO of the Technology Products Group unit,
reporting to Systemax chairman/CEO Richard Leeds.
Robert Leeds was the founding CEO of Systemax’s
Technology Products business and currently serves
as vice chairman of the board.

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