Mace Security International Inc Announces Appointment of Michael E. Smith as Chief Executive Officer
Mace Security International, Inc., manufacturer of personal defense and electronic surveillance products, recently announced that Michael E. Smith has been appointed CEO, effective August 18, 2011. Mr. Raefield, Mace's current CEO and president, notified Mace of his resignation as CEO and director after completion of his employment contract that ended on August 18, 2011.
Mr. Smith has served as director of Mace since June 18, 2010. He has been an independent consultant and managing and founding partner of Chesterbrook Growth Partners, a consulting organization focused on providing strategic and operational advice to small to medium size firms in the security, auto-identification and electronic components industries. During 2001 and 2002, Mr. Smith was president and CEO of Checkpoint Systems, Inc., a New York Stock Exchange listed company engaged in the security industry. During Mr. Smith's 14-year tenure at Checkpoint, he also held the positions of executive vice president and senior vice president. Mace and Mr. Smith have orally agreed that Mr. Smith will serve as Mace's CEO and will receive two hundred forty thousand dollars ($240,000) in base annual compensation, and a five thousand dollar ($5,000) monthly bonus program, in addition to customary Mace benefits. The base compensation is disclosed on an annualized basis, even though the compensation will be earned ratably over the period that Mr. Smith serves as CEO. The compensation will be paid every two weeks in accordance with normal Mace procedures. Mace and Mr. Smith intend to enter into a written employment agreement in due course.
"We thank Dennis Raefield for his years of service and dedication to Mace as our CEO and as a member of our Board of Directors," Richard A. Barone, Mace's chairman of the board, said. "We wish Dennis the best in his future endeavors. We also welcome Michael Smith in his new role as Chief Executive Officer, and we are excited about the experience Mike brings to Mace in the security industry including his expertise in providing strategic and operational advice to small and medium size companies."