Frisby Technologies, Inc. announced today that Greg Frisby, the company’s founder, was removed from his position as Chief Executive Officer by a 3-2 vote of the Board of Directors.
Mr. Frisby retained his role as Chairman of the Board of Directors.
The company also announced that the Board voted unanimously to engage Anderson Bauman Tourtellot Vos & Co., a turn-around firm based in Greensboro, North Carolina (“ABTV”), to provide interim executive management and that Mr. Mark Gillis, Senior Vice President of ABTV, was appointed as the Company’s Chief Restructuring Officer and will immediately assume the role of the Company’s top executive officer. The Company does not currently plan to fill the chief executive officer position.
