Mace Security International, Inc. ("Mace” or the “Company”) (OTCQB: MACE) announced that Michael E. Smith has been appointed as the Company’s Chief Executive Officer, effective on August 18, 2011. Mr. Raefield, the Company's current Chief Executive Officer and President, has notified the Company that he will resign as Chief Executive Officer and a director of the Company after the completion of his employment contract, effective on August 18, 2011.
Mr. Smith has served as a director of the Company since June 18, 2010. Mr. Smith has been an independent consultant and Managing and Founding Partner of Chesterbrook Growth Partners, a consulting organization focused on providing strategic and operational advice to small to medium size firms in the security, auto-identification and electronic components industries. During 2001 and 2002, Mr. Smith was President and Chief Executive Officer of Checkpoint Systems, Inc., a New York Stock Exchange listed company engaged in the security industry. During Mr. Smith’s 14 year tenure at Checkpoint, Mr. Smith also held the positions of Executive Vice President and Senior Vice President. The Company and Mr. Smith have orally agreed that Mr. Smith will serve as the Company's Chief Executive Officer and will receive two hundred forty thousand dollars ($240,000) in base annual compensation, and a five thousand dollar ($5,000) monthly bonus program, in addition to customary Company benefits. The base compensation is disclosed on an annualized basis, even though the compensation will be earned ratably over the period that Mr. Smith serves as Chief Executive Officer. The compensation will be paid every two weeks in accordance with the normal Company procedures. The Company and Mr. Smith intend to enter into a written employment agreement in due course.
Richard A. Barone, Mace’s Chairman of the Board, stated, “We thank Dennis Raefield for his years of service and dedication to Mace as our CEO and as a member of our Board of Directors. We wish Dennis the best in his future endeavors. We also welcome Michael Smith in his new role as Chief Executive Officer, and we are excited about the experience Mike brings to Mace in the security industry including his expertise in providing strategic and operational advice to small and medium size companies."