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Tiffany Montgomery
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Orange 21 CFO resigns

By Tiffany Montgomery
February 16, 2010 10:37 AM

Orange 21, the parent company of Spy Optics, said today that CFO Jerry Collazo has resigned to "pursue other opportunities."

CEO A. Stone Douglass will now take on CFO duties as well, and the company has no immediate plans to replace Collazo, according to a filing with the SEC.

The board of directors also named fellow board member Seth Harmot as chairman, replacing Douglass.

Orange 21 has experienced some turmoil recently after a dispute with No Fear and Mark Simo. No Fear is a large holder of Orange 21 stock, according to Orange 21's annual report. Orange 21 claimed No Fear owed the company nearly $1 million for product it had shipped to No Fear stores.

Mark Simo of No Fear claimed Orange 21 owed him $600,000 in compensation for his two-year tenure as CEO of Orange 21, which ended in 2008.

The two sides eventually settled their differences. To settle the claims, Simo's No Fear agreed to pay Orange 21 subsidiary Spy Optics's U.S. and Italian companies a total of $736,350 in cash and return credits. And Orange 21 agreed to give No Fear $600,000 in credits toward the purchase of future Spy products by No Fear.


 


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