The American security technology company, Evolv Technology, has fired President and CEO Peter George amid an internal investigation.
Evolv’s security products are used to detect weapons in arenas worldwide, protecting stadiums in football leagues such as the EPL and MLS, plus American sports such as the NBA, NFL, and MLB. The iconic MCG in Melbourne also employs Evolv’s security systems.
Evolv’s board had evaluated leadership at the company since May and terminated George’s contract without cause, effective immediately on October 30.
Evolv’s board outlined the need for change, meanwhile thanking Peter for his dedication to the company.
“We appreciate Peter’s years of dedication to our company and his significant contributions to the company’s mission. We wish him well in his future endeavors. That said, we have determined that a change in leadership is needed to improve the company’s culture as we prepare for the next phase of growth,” the board said via press release.
“We continue to believe that the fundamentals of our business remain strong. But we are also convinced that the company can do even better.”
Evolv has chosen co-founder and Chief Executive Officer Michael Ellenbogen as Interim President and CEO, as he imagined the long-term mission for the company.
“As a co-founder, I care deeply for this company and its customers, employees, and shareholders. I look forward to working closely with the board and our senior leadership team to advance our mission of creating a safer world while also driving the business forward,” he said via press release.
The Evolv board also reaffirmed the decision to terminate George’s contract was not in relation to the company’s recent inaccurate financial statements and declaration to delay future statements.
“The Board has been evaluating leadership and performance for several months – long before we became aware of any potential issues relating to the company’s sales practices and financial reporting. With respect to that ongoing investigation, the board remains committed to completing a thorough investigation as expeditiously as possible. Our goal is to ensure the company’s financial reports are always current and reliable and that our organizational culture reflects our values of integrity and honesty. That is the only way we can regain the trust and confidence of our investors.”
Evolv’s internal investigation is still ongoing, while the board aims to appoint a new CEO promptly.
