Route1 Inc., a Toronto-based security vendor, has dismissed AndrewWhite, a shareholder who was president and chief executive officeruntil Monday.
White, who owns 8.5 per cent of the company, said Monday he plannedto try to replace the company’s directors with a new board, chaired byformer Ontario premier Mike Harris.
“Mr. White chose to inappropriately issue a press release on behalfof Route1, and misrepresented himself as president and CEO followinghis dismissal” at noon Monday, Route1 stated in a press releaseWednesday.
The new president and CEO is Dean Peloso, a member of the board appointed Monday to temporarily replace White.
Harris was premier from 1995 until 2002, and is now a consultant who sits on the boards of Magna International and other firms.
When White announced Monday he wanted to nominate a new board, hestated in his press release the current board members are “not engagedin supporting management in the furtherance of Route1’s businessobjectives.”
But according to the board, White made his announcement after he wasdismissed but offered a position as vice-chairman and chief architect.The company reported it lost
$1.5 million on revenues of $2 million during the six months ending June 30.
Route1 Chairman Ian Currie stated he would replace White withPeloso, adding the board “wanted an interim president and CEO who wasknowledgeable about the company, who had the background, and ability tolead us through this transition.”
