Armor Holdings fires CEO
April 17, 2003
JACKSONVILLE, Fla. - Armor Holdings, a company that announced earlier this year plans to sell its integrated security business, has dismissed its chief executive officer Jonathan Spiller, who held the position for 10 years.
The company named chairman of the board Warren Kanders to replace Spiller as chief executive officer, while Robert Schiller, Armor HoldingÃ¢â‚¬â„¢s current chief financial officer, has assumed chief operating officer duties.
Though details were not provided about the reason for SpillerÃ¢â‚¬â„¢s dismal, a report issued by equity research firm Morgan Keegan speculated his dismal was due to a Department of Justice investigation involving its mobile security division, slow internal growth in its product division and the length of time it is taking to sell the companyÃ¢â‚¬â„¢s services division.
Armor Holdings announced in early February that it entered into an agreement to negotiate with an undisclosed party to sell its ArmorGroup Integrated Systems business. It first disclosed plans to sell the business in the summer of 2002.