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Systemax splits with director over whistleblowing charges

Microscope contributor

Systemax has forced long serving director Gilbert Fiorentino to stand down following an investigation into whistleblower allegations.

Fiorentino joined Systemax in 1995 when it acquired US etailer Tiger Direct, which he founded, and in 2004 was given control over the the business tech group worldwide.

In a statement, Systemax confirmed it had "notified Gilbert Fiorentino, chief executive, Technology Product Group and director of the company, that it intends to terminate his employment."

The firm added that Fiorentino is on "administrative leave" with immediate effect.

This decision is the culmination of Systemax's "independent investigation of anonymous whistleblower allegations concerning the company's Miami, Florida operations", it said.

The exact nature of the probe, conducted by the Audit Committee with independent legal counsel, was not disclosed.

Systemax said the issues that prompted the allegation did not have a "material impact" on previously reported financials.

Richard Leeds, Systemax Chairman and CEO, said: "We appreciate that our internal processes facilitated the efforts of the individual who brought these matters to our attention".

Fiorentino was unavailable to comment at the time of going to press.

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