ABC ends relationship with former CEO Broady
LEWISVILLE, Texas - Am-erican 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 conclude this chapterÃ¢â‚¬Â and time 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.
ItÃ¢â‚¬â„¢s unclear how much American Building Controls paid in severance to Broady over the years. According to a 10-K filing with the Securities Exchange Commission in December of 2003, the company paid $512,000 to Broady as part of an acceleration of his final 18 months of a three-year severance package. But Broady was to continue to receive bi-weekly payments through the end of June of 2004.
The 10-K filing also noted that BroadyÃ¢â‚¬â„¢s employment was reinstated in April of 2003, as an assistant to the chief executive officer for a 12-month period at a salary of $2,500 a month, plus a grant of 300,000 stock options.