Waukesha-based Telkonet Inc. announced this week that former chief financial officer Richard Mushrush will become the company’s acting CFO after the departure of F. John Stark.
[caption id="attachment_125275" align="alignright" width="300"] The Telkonet headquarters in Waukesha.[/caption]
Stark was named CFO of the company in November 2015. His initial employment agreement ran through Dec. 31, 2016 and was scheduled to be automatically renewed unless terminated by either party.
A Telkonet filing with the SEC said only that Stark’s contract had ended and did not indicate which party had terminated it.
A call and email to a company representative were not immediately returned.
Mushrush, 47, served as Telkonet’s acting CFO from November 2010 until taking the role on formally from May 2012 until he was replaced by Stark. He was the company’s controller from January 2009 to November 2010 and again served in that role from when Stark took over his position.
Telkonet’s board underwent significant changes in 2016 as activist investor Peter Kross was successful in having three of his preferred directors elected to the board.
Kross’ complaints included the company’s cumulative losses, stagnant and low stock price, lack of stock ownership by now former board members and a limited number of board meetings in 2015.
The company also hired Canaccord Genuity in March to explore potential strategic and capital raising opportunities.