Okay, here's the result of my visit to freeedgar regarding the management changes.
According to the documents, Ilia Lekach is chairman and CEO of Parlux, which, I think, (someone help me here) is the company that manufactures PRFM's perfume line.
According to the 5/28/98 10-k, Simon Falic, age 37, was Chairman of the Board and CEO of Perfumania. Someone named Ron Friedman, age 38, was CFO, COO, and Treasurer as of this May 10-k. Someone named Jerome Falic was VP and vice-chairman.
By the time of the 12/15/98 10-q, Ron Friedman was gone as CFO and Simon Fralic was no longer the CEO. According to the December 10-q, Ilia Lekach is now the Chairman and CEO of PRFM, and Simon Fralic was bumped down to CFO, Treasurer, and Secretary.
(Also, one of the documents stated that Simon Fralic had relinquished his position as president of PRFM sometime in 1997.)
In a recent press release, (someone else can find it) someone named Lekach (not Ilia) was named the head of the new internet division of PRFM.
IN SUMMARY, it looks to me like Ilia Lekach, head of Parlux, has taken over control of PRFM, and that Simon Fralic has progressively had power removed from him. He was moved down in 1997 from his position as president of PRFM, then between 5/98 and 12/15/98 gave up his position as chairman and CEO of PRFM (to Ilia Kelach,) and now is giving up his position as CFO (and treasurer and secretary?) of PRFM as of today. It appears from the documents that he had been CFO for a period of 8 months or less.
Looks like a power play, not a sign of a problem. IMHO. |
