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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2011
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

15. SUBSEQUENT EVENTS

 

In January 2012, the Company made certain changes to its executive management team.  Effective January 8, 2012, Richard P. Nespola was terminated as the Company’s Chairman of the Board and Chief Executive Officer.   Mr. Nespola remains a member of the Company’s Board of Directors. Donald E. Klumb became the Company’s Chief Executive Officer effective January 8, 2012 and the Company’s President effective January 13, 2012. Mr. Klumb continues to serve as the Company’s Chief Financial Officer. Effective January 13, 2012, Micky K. Woo was appointed to the position of Executive Chairman and relinquished the positions of President and Chief Operating Officer. Also effective January 13, 2012, independent director Roy Wilkens was named Presiding Director of the Non-Management Directors of the Company. See Note 13, "Commitments and Contingencies," for information regarding an arbitration proceeding and related court proceeding brought by Mr. Nespola against the Company relating to the termination of his employment.

 

Effective January 25, 2012, the Board increased the number of directors on the Board by one to a total of seven and appointed Peter H. Woodward as a new Class II member of the Board, to fill the newly created directorship and to serve until the next election of Class II directors at the 2013 annual meeting of stockholders and until his successor is duly elected and qualified or until his earlier resignation or removal.  The Board also appointed Mr. Woodward to serve as a member of the Board’s Compensation Committee on January 25, 2012 and Audit Committee on February 12, 2012.