Former CEO Doug Lucky has resigned and Fraser Campbell, the soft-armour maker's interim chair, has been appointed interim CEO. The company is also looking for a new chief financial officer after its interim CFO, Sharon Johnston, resigned.
The executive changes follow a flurry of aborted attempts to restructure the business. PSP did post a net income of $100,000 in its latest quarter, but also recently terminated a takeover deal with ArmorWorks Enterprise LLC and made other executive changes around the same time, for undisclosed reasons.
Brad Field, a founder of PSP, has been appointed a member of the board of directors and is expected to take on the CEO position starting Oct. 1.
He was CEO of PSP for 22 years after its founding in 1984. While he was at the head, the company was considered one of Canada's fastest growing companies between 1999 and 2001, PSP stated. Mr. Field, previously on the PSP board of directors until 2008, is also a recipient of multiple entrepreneurship and innovation awards.
"Mr. Field's depth of knowledge and relationships within the personal safety industry, as well as his familiarity and past experience leading the company, are strong assets," stated Mr. Campbell.
"The appointment of Mr. Field will catalyze the company's growth strategy and is an important milestone in the board's effort to position the company for future profitability."
PSP further stated it is undergoing a strategic review of alternatives, a phrase that is often used when a firm is shopping for buyers.
The company has encountered strong headwinds in Ottawa since moving to the capital from the west coast a few years back to keep an eye on its competitors.
Two years ago, amid several failed asset sales and deep losses, the company warned its shareholders it was on the brink of bankruptcy.
Mr. Lucky was previously affiliated with holding company Zuni that PSP merged with in December 2010. He was appointed to PSP in September 2010 to try to turn PSP's fortunes around.
"When do we expect the financial turnaround? We don't comment on the future specifically," Mr. Lucky said in a January 2012 interview. "But consider that in the last 10 years, the company made a meagre profit twice. We can't fix that in a quarter or two."
Measures Mr. Lucky took to fix the business included moving the company's headquarters from Kanata to its manufacturing facilities in Anrprior, which saved rent costs, and working hard to bring back key customers such as the Department of National Defence and the RCMP. Both clients signed deals with PSP in 2011.
However, 2012's efforts to sell some of PSP's assets and do the ArmorWorks takeover deal came up unsuccessful.