Pizza Inn, Inc. has fired its CEO and president Ronald W. Parker for violating his employment agreement.
Rod McDonald, the company’s secretary and general counsel, has been named acting chief, the company said.
Reuters quoted attorney Bill Brewer of law firm Bickel & Brewer as saying that the board believed that Parker and others were involved in a scam to abuse the company’s assets. In October, Pizza Inn sued its primary counsel, Akin Gump Strauss Hauer & Feld LLP, charging that the firm had “schemed with individual officers of the company to assist them in entrenching themselves at the expense of Pizza Inn and its shareholders,” Reuters reported.
Parker was terminated during a special meeting held Dec. 11.
The company said that its annual meeting of shareholders, orginally scheduled for Dec. 15, has been postponed.
Pizza Inn’s 200 franchises are concentrated in 20 states, primarily in the Southeast, with annual sales of about $170 million.
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