Point Blank Solutions, Inc. announced that its Board of Directors voted to remove Larry R. Ellis as President and Chief Executive Officer, effective as of April 16, 2009. The Company also announced that James R. Henderson, Chairman of its Board of Directors, has been asked by the Board to assume the role of Acting Chief Executive Officer until a replacement is found. Henderson has been with Point Blank since August of 2008.
“General Ellis and his team helped Point Blank rectify many of the legacy issues the Company has faced while building a strong platform for growth. The Board’s actions are in no way a reflection of General Ellis’ past leadership, but rather a desire to move in a different direction at this time.”
“Point Blank has some of the industry’s most talented people and produces quality, life-saving products for the most important customers in the world. I look forward to taking on the role of CEO and will do everything in my power to help improve our market position, productivity, and our financial performance. Most important, management and the Board will continue to focus on generating higher returns for all shareholders and will pursue all avenues that will help us achieve this shared goal,” Henderson continued.