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Effective on May 17, 2011, Edward S. Fleury resigned as the Chief Executive Officer and as a member of the board of directors of Command Security Corporation (the "Company"), following the mutual decision of Mr. Fleury and the Company’s board that Mr. Fleury’s employment agreement with the Company dated September 29, 2008 (the "Employment Agreement") would not be renewed or extended beyond the initial term of the Employment Agreement, which was scheduled to end on September 29, 2011. Pursuant to an agreement between the registrant and Mr. Fleury, Mr. Fleury will be paid an aggregate amount of one hundred seventy four thousand two hundred dollars (US $174,200), and the Company has agreed to permit Mr. Fleury to exercise all stock options previously granted to him at any time, or from time to time, until September 29, 2018.
Barry I. Regenstein, the Company’s President and Chief Financial Officer, will assume Mr. Fleury’s duties and responsibilities on an interim basis. Peter T. Kikis, Chairman of the Company, stated "Our board of directors, management and employees are grateful for Mr. Fleury’s contributions to our company over more than the past 2 ½ years. We thank Mr. Fleury for his service with the Company and extend our best wishes to him in connection with any future endeavors that he may pursue. Our board is considering whether to fill the vacancy in our management team resulting from Mr. Fleury’s resignation from within our existing management team or to seek to hire a new chief executive officer who is not currently affiliated with our company, and will promptly make a decision about these matters that will be publicly announced as soon as practicable."
About Command Security Corporation
Command Security Corporation provides uniformed
security officers, aviation security services and support security services to commercial, financial, industrial, aviation and governmental customers throughout the United States. We safeguard against theft, fraud, fire, intrusion, vandalism and the many other threats that our customers are facing today. By partnering with each customer, we design programs customized to meet their specific security needs and address their particular concerns. We bring years of expertise, including sophisticated systems for hiring, training, supervision and oversight, backed by cutting-edge technology, to every situation that our customers face involving security. Our mission is to enable our customers to operate their businesses without disruption or loss, and to create safe environments for their employees. For more information concerning our company, please refer to our website at www.commandsecurity.com.