THE COLONY, Texas — The Jan. 4 appointment of Robert Page as Pizza Inn's interim chief executive officer has placed the company out of compliance with marketplace rules as stated by NASDAQ. (Read also Pizza Inn appoints Page new acting CEO.)
According to a regulatory filing, Page was a member of the chain's audit committee until the recent change of position. NASDAQ requires listed companies' audit committees be composed of at least three members who are on the company's board of directors, and who meet NASDAQ's definition of independence. Page's departure leaves two members on the committee: Butler Powell and Ramon Phillips.
Pizza Inn, which trades on NASDAQ under the ticker symbol PZZI, must appoint a new audit committee member by Jan. 4, 2006, or face delisting. Until then, it will remain on NASDAQ's list of "non-compliant" companies.
Page was appointed acting CEO in the wake of the December ouster of CEO and president Ronnie Parker (read also Pizza Inn officially fires Parker, but lawsuit is expected and Will Parker's departure from Pizza Inn end an era of greed?.) According to the company, the search for a permanent CEO is underway.