Fiorentino Agrees to Resign, Return $11 Million
Gilbert Fiorentino has agreed to resign his position as CEO of Systemax's Technology Products Group, as well as surrender assets worth around $11 million, the company announced Monday.
Fiorentino was placed on administrative leave, as the company announced its intention to fire him, late last month, after a whistleblower-instigated investigation of the company's South Florida operations uncovered alleged improprieties, the exact nature of which has not been disclosed.
The $11 million to be returned, aside from $480,000 in cash, consists of Systemax shares. Systemax is the parent company of CompUSA and TigerDirect, the latter of which was founded by Fiorentino.