Swisher Hygiene CEO Steven Berrard steps down
CHARLOTTE, N.C. (AP) — Swisher Hygiene's President and CEO Steven Berrard has resigned.
The cleaning sanitation products and services provider said Monday that Executive Vice President Thomas Byrne will take over as interim president and CEO. Byrne, 50, has served as executive vice president since November 2010.
Berrard, who is one of Swisher Hygiene Inc.'s biggest shareholders, will remain a board member.
Separately, Swisher Hygiene said Monday that it received a letter from the Nasdaq last week saying that it is not in compliance with its listing requirements, since the company did not file its second-quarter financial results on time. The company, which previously announced an audit committee investigation, also has not filed its financials for 2011 and the first quarter of 2012.
Swisher Hygiene has until Sept. 26 to make all the financial filings. It also must provide an update to its original plan by Aug. 30 in order to remain listed on the Nasdaq.
Berrard cited the financial review in a statement explaining giving up the company's leadership. "In order to facilitate completion of the 2011 audit process, and in order to better focus my energies on the strategic direction of Swisher Hygiene, I believe it is in the best interest of the company and its shareholders for me to step down as president and chief executive officer." he said.
Byrne said the Charlotte, N.C. company is hoping to finish its accounting review and file its financial statements for 2011 as soon as possible.
Shares of Swisher Hygiene fell 22 cents, or 10.9 percent, to $1.85 in morning trading. The stock has traded in a 52-week range of $1.51 to $5.23.