Security technology company 4C Security Solutions (ASX:FCS) has appointed interim chief Geoffrey Cleaves as its new permanent CEO.
The company, which develops smart card access systems and electromechanical locking products, has revealed it will pay Cleaves a base salary of $200,000 as well as offering performance bonuses.
Cleaves took the position of interim CEO in October last year, following the resignation of former boss Anastasios Angeloglou.
4C Security chairman Robert Broomfield said during his short tenure, Cleaves has “successfully implemented a number of strategic changes to the business [and delivered] a maiden profit.”
The company had reported a swing to a $45,000 profit in FY11 after eight years in the red. But revenue for the year fell 11.2% to $3.2 million.
Cleaves' employment contract also contains the customary provisions for confidentiality, leave entitlements, notice and immediate termination rights.
FCS shares stayed flat on Thursday at $0.055.