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General Employment Enterprises Inc. (NYSE MKT: JOB) President Herbert Imhoff Jr. retired effective Jan. 31, according to a filing with the U.S. Securities and Exchange Commission. Imhoff was also a director of the company, and his departure follows the retirement of Chairman and CEO Salvatore Zizza in December.
Per his consulting agreement, Imhoff will receive monthly payments of $15,000 through June 30, 2014, as well as medical benefits provided by the company. Imhoff had options to purchase 315,000 shares of the company’s common stock vested and outstanding and has one year to exercise his stock options.
General Employment recently switched auditors after an incident where the firm was defrauded of money, according to the U.S. Attorney’s Office. For the original story, click here.