DHB Industries Chairman & CEO on paid administrative leave
11 Jul '06
3 min read
Leader in the field of protective body armor DHB Industries Inc announced that its Board of Directors has placed David Brooks, the Company's Chairman and Chief Executive Officer (CEO), on paid administrative leave for an indefinite period of time and pending the outcome of federal, state and internal investigations. Mr. Brooks will have no authority to act except as the Board may determine by future resolution.
The Company also announced that General (Ret.) Larry Ellis, DHB's President will assume the role of acting Chief Executive Officer and Senator William Campbell, who was previously elected to the Board of Directors on May 9, 2006, will serve as Chairman of the Board.
General (Ret.) Larry Ellis was elected to the Company's Board of Directors in December 2004 and was later named President of the Company on May 3, 2005. Mr. Ellis, a U.S. Army 4-Star General (Ret.), was appointed to the grade of General Officer by the Commander in Chief in November 2001 and completed his distinguished military career as Commanding General, United States Army Forces Command, Atlanta, GA, where he retired in July 2004, after a distinguished 35 year career.
Senator Campbell has served in the California legislature for 22 years, including 14 years as a state senator. During his senate career, he held a number of distinguished positions, including Chairman of the Joint Legislative Budget Committee, Minority Floor Leader, and was a member of the Senate Rules Committee.
As previously announced on June 30, 2006 in its Form 8-K filing with the Securities and Exchange Commission, DHB Industries, Inc. received a notice from the American Stock Exchange on June 26, 2006, the national securities exchange that maintained the principal listing for the Company's common stock, that it would strike the common stock of the Company from listing and registration on the Amex. On July 6, 2006, the common stock of DHB Industries, Inc. began trading on the Pink Sheets, a centralized electronic quotation service for over-the-counter securities, under the symbol, "DHBT.PK", as of market open.