ABC ends relationship with Broady
February 19, 2004
LEWISVILLE, Texas - American Building ControlÃ¢â‚¬â„¢s on again, off again relationship with its former chief executive officer and chairman is apparently off again.
The company formerly known as Ultrak announced in late January that it has severed ties with its former executive George Broady and settled an outstanding severance package.
It remains unclear why the relationship ended. Danny Mills, the current chief executive officer and president of American Building Controls, could not be reached for comment by press time. But in a prepared statement, Mills said that Broady was an instrumental part in the companyÃ¢â‚¬â„¢s history, but the two sides Ã¢â‚¬Å“decided that a clear separation will best conlcude this chapterÃ¢â‚¬Â and to move on.
Broady left the company amid a flurry of controversy. In 2000 he initiated a hostile takeover of Detection Systems board of directors to force the company to consider a sale. At that time Ultrak owned a 21 percent interest in the competing security product manufacturer.
For more on this story, see the March issue of Security Systems News.