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Shareholder wants General Employment sale

June 17 2008

General Employment Enterprises Inc.'s (AMEX: JOB) third-largest shareholder, Timothy Stabosz, said the company should consider going up for sale and that the top executive's pay is too high, according to a filing with the U.S. Securities and Exchange Commission.

"Respondent believes that, based upon the company's history of profitability (albeit marginal), shareholder value can best be realized by putting the company up for sale, after the current (respondent believes temporary) decline in financial results has passed," according to the filing.

Stabosz said the company needs to do away with a "poison pill" that limits the ability of potential buyers from speaking directly to shareholders.

He also said the CEO pay package amounts to $543,000 a year and needs to be restructured to be in the range of $125,000 to $175,000 plus incentive pay for performance.

Stabosz owns 5.4% of the company, according to the filing.

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