Optical Cable fires president/CEO/chair
Optical Cable Corp. says time-consuming litigation and disputes with brokerage firms distracted its president, CEO and chair too much from his work, and removed him per a board recommendation.
The board says Robert Kopstein had pledged substantially all of his personally held unregistered shares in the company toward substantial personal margin loans from several brokerage firms. It formed a special committee to look at the issues. The committee returned the recommendation to fire Kopstein.
"Because of the time and attention necessitated by the ongoing disputes with the brokerage firms and the ensuing litigation, it became apparent to the special committee that Mr. Kopstein could not devote his focus and attention to his duties as president and (CEO)," says committee member John Holland, in a statement.
The committee decided the move would let it focus on business, as it and Kopstein "separately address the issues presented in the ongoing disputes and litigation," Holland said.
Kopstein will continue as a consultant, OCC says. Senior VP and CFO Neil Wilkin will be acting president until a replacement is found.