Edward (Jack) Cameron has retired as chairman, president and chief executive of Appliance Recycling Centers of America Inc., the company he founded in 1976.
Cameron will remain with the company as president of the company's recycling segment, according to a filing with the Securities and Exchange Commission.
Appliance Recycling's board of directors appointed director Tony Isaac to serve as interim CEO. Isaac has been a director of the St. Louis Park-based appliance retailer and recycler since May 18. The SEC filing states that 61-year old Isaac's specialty is "negotiation and problem-solving of complex real estate and business transactions."
Isaac was appointed to the board after a proxy fight for control of the company. Four of the five members of the Appliance Recycling board were nominees of Isaac Capital Group, the private investment firm in San Diego that was the largest shareholder of Appliance Recycling.
After the newly installed board of directors gained control of the company last May, it fired Mark Eisenschenk, then president and CEO, and returned Cameron to those positions. Cameron first retired from those positions in August 2014; his latest retirement took effect Feb. 22.
Since May 18, the value of Appliance Recycling's stock has fallen by 48 percent, and on Feb. 17, the Nasdaq Stock Market informed the company that it was out of compliance with its continued listing standards due to the stock price being below $1. Appliance Recycling has until Aug. 15 to boost the price of the stock and regain compliance with the listing standard.
It's stock closed Monday at 83 cents, down 3 cents.
Patrick Kennedy • 612-673-7926
