Numerex Sacks Its CEO
ATLANTA -- Numerex Corp (NASDAQ:NMRX), a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), today announced that its Board of Directors has terminated the employment of Marc Zionts as Chief Executive Officer (CEO). Mr. Zionts’ termination was not related to any Company accounting, internal controls, or financial reporting matter. Kenneth Gayron, the Chief Financial Officer, will assume the additional role of interim CEO working in close conjunction with the full Board while the Company conducts a search for a permanent CEO. In addition, Kelly Gay has agreed to join Numerex as its Chief Operating Officer and will work closely with Ken to manage the Company’s array of security and IoT solutions and diversified customer base.
“I am very pleased with the confidence the Board of Directors has exhibited in appointing me to this interim position,” stated Ken Gayron. “I believe that the Company’s operational and financial performance will significantly improve as we focus our resources on our key product lines of security, certain industrial IoT solutions, and our robust IoT network and application services. I look forward to working with Kelly and other members of our management team to execute our strategy with renewed energy and focus and to re-assert ourselves as a leader in the IoT space.”
The Company is expected to significantly improve its EBITDA performance over 2016 with estimates of adjusted EBITDA ranging from $8.5 million to $10 million. Revenue is anticipated to improve on a year-over-year basis, as well. The Company will provide an estimate of full year revenue expectations by its next scheduled results conference call.