Alico board considering firing company's CEO and president 'for cause'

Alico's board of directors is considering firing the company's president and CEO.

In a filing with the U.S. Securities and Exchange Commission on Tuesday, Alico reported that its board of directors has informed top executive Remy Trafelet that "it intends to consider terminating his employment for cause."

The board, excluding Trafelet, unanimously approved the notification.

According to the filing, a special board meeting will be scheduled to allow Trafelet and his attorney to "address this matter." After the meeting, the board plans to decide on Trafelet's employment.

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Meanwhile, Trafelet has been placed on administrative leave, pending the board's final decision. 

Board member Benjamin D. Fishman was appointed to serve as interim president on Monday, Nov. 19. He is managing the company with Henry Slack, Alico's executive chairman, as the board waits to decide on Trafelet's employment contract. 

According to a biography posted on Alico's website, Trafelet is the managing member of 734 Investors LLC, Alico's largest shareholder.

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He also is a managing partner of Trafelet Brokaw & Co. LLC, a long-term  private investment firm that manages capital for its principals and some outside investors.

Trafelet has been Alico's CEO and president since Dec. 31, 2016.

He led a group of investors who bought a little more than 50 percent of Alico’s voting stock for more than $137 million in 2013. The stock was sold by Atlantic Blue Group, a Lake Wales real estate firm.