Canada-based alarm and video monitoring services provider AlarmForce announced on Tuesday that its board of directors has terminated Joel Matlin from his position as president and CEO following a strategic review of the company.
“The Board and management of AlarmForce wishes to thank Mr. Matlin for his dedicated years of service and numerous contributions to the Company,” the company said in a statement.
AlarmForce Chief Financial Officer Anthony Pizzonia will serve as interim president and CEO as the company begins its search for a successor.
“I should not have been let go,” Matlin said in an interview with the Toronto Star. “I believe it was done not in the best interest of shareholders and it’s a political maneuver on the part of the board. It’s not something I anticipated at all, quite frankly. I’m as shocked as everyone else is.”
Despite his firing, AlarmForce said that Matlin will continue to serve as a company director.
Earlier this month, the company announced that a special committee of the board of directors had completed the aforementioned strategic review which included exploring a possible sale of the company. However, the committee did not find a deal “adequately reflecting” AlarmForce’s value and the company said that it would move forward with a focus on future growth.