PROVIDENCE – Nestor Inc. (Nasdaq: NEST) last night announced that William B. Danzell has been removed as CEO by the company’s board of directors, though he retains his seat on the board.
Negotiations to determine Danzell’s future relationship with the company are ongoing, Nestor said.
Meanwhile, the board has elected Clarence A. Davis as interim CEO, effective May 17, and named him to head a three-person committee that will find a permanent CEO.
A Nestor director for the past year, Davis had also been serving as a consultant to the company since February, helping it to develop a strategic plan.
He also serves on the board of directors of the Gabelli Global Deal Fund and is completing a three-year term as a special consultant to the American Red Cross Liberty Fund and September 11 Recovery Oversight Commission.
Davis previously had served as chief financial officer for the American Institute of Certified Public Accountants from 1998 to 2000, and as the AICPA’s chief operating officer from 2000 until he retired in 2005. From 1990 to 1998, he operated Clarence A. Davis Enterprises Inc., a financial and organizational consulting firm. His 40-year career also has included a senior partnership at Spicer & Oppenheim, a national accounting firm.
“Nestor has the potential to become a leader in the burgeoning automated red light and speed enforcement business,” Davis said. “With careful planning, diligent execution and the direction of our outstanding Board of Directors, we have the potential to make Nestor the preeminent company in our industry.”
Nestor Inc. (Nasdaq: NEST), the parent of Nestor Traffic Systems, is a provider of video-, photo- and LiDAR-based traffic-enforcement systems and services to state and municipal governments. For more information, visitwww.nestor.com.
