Fiorentino To Plead Systemax Case Tuesday

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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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