PROVIDENCE – The two longest-serving members of the board of directors of Nestor Inc., the traffic-enforcement systems and services provider, resigned from the board last month and will not be replaced, the company has announced.
David N. Jordan resigned from the board on Dec. 19. He was followed out the door by the board’s chairman, George L. Ball, who resigned on Dec. 22. Both men had been directors at Nestor since 2003.
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Ball is chairman of Sanders Morris Harris Group, a Houston-based financial-services firm, and is also a member of the Brown University Board of Trustees. Jordan has been president of a South Carolina contracting firm, L-J Inc., for more than three decades.
Jordan received $11,400 in cash and stock offerings in 2007, and Ball received $10,650, SEC filings show.
The departures of Jordan and Ball reduced the size of Nestor’s board from seven directors to five. The other directors, who include former U.S. Rep. Harold Ford Sr., were appointed in 2006 and 2007, according to the filings.
Another member of Nestor’s board, Edward F. Heil, resigned last August.
In a statement, the company said Jordan and Ball “cited personal reasons for their departures,” and that the company is not looking for replacements for them at this time.
Nestor CEO Clarence Davis praised Jordan and Ball, saying they had provided the company “with their expertise, perspective and diligence for a number of years.” He said the two men had been “instrumental in turning Nestor around.”
“Although … Jordan and Ball will no longer serve as Board members, we will always consider them a part of the Nestor family and the Company is much better off because of them,” David said.
Jordan and Ball were named in a set of lawsuits brought last year by former Nestor CEO William B. Danzell, who stepped down as president and CEO in May 2007 and left Nestor’s board of directors five months later. In a November filing with the SEC, Nestor said the suits “are without merit” and that it would “vigorously defend” itself against them.
Nestor posted a $3 million loss in the third quarter, but the company’s revenue grew by more than 14 percent over the same time period. (READ MORE)
Nestor Inc. (OTCBB: NEST) is the parent of Nestor Traffic Systems Inc., a provider of video-, photo- and LiDAR-based traffic-enforcement systems and services to state and municipal governments. For more information, visit www.nestor.com.
