Pro One names new board chairman
Company also announces settlement in KCC proceeding
TOPEKA, Kan. - Protection One has named a new chairman of its board of directors to fill a seat vacated by a board member under grand jury investigation for use of WestarÃ¢â‚¬â„¢s corporate aircraft and compensation received from Westar.
Last week, the company announced that William B. Moore, executive vice president and chief executive officer of Westar Energy, which owns approximately 88 percent of Protection One, has been appointed as chair of Protection OneÃ¢â‚¬â„¢s board.
Moore replaces the previous chair, Douglas T. Lake, a former Westar executive vice president and WestarÃ¢â‚¬â„¢s chief strategic officer who resigned from the company in December 2002.
A Westar press release issued at the time of LakeÃ¢â‚¬â„¢s resignation did not give a reason, published reports at the time said that he resigned because of a grand jury investigation of compensation agreements and the use of Westar corporateÃ‚Â aircraft.
According to Protection One spokesperson Robin Lampe, the appointment of Moore is part of a 1997 contribution agreement between the two companies.
Additionally, Protection One recently announced that the company, along with Westar, reached a resolution in regards to a KCC order that could have jeopardized some of Protection OneÃ¢â‚¬â„¢s contractual agreements with Westar.
Lampe said that the agreement also allows a credit facility provided by Westar to Protection One to be extended until January 2005, albeit at a reduced figure of $228.4 million, down from $280 million.
Ã¢â‚¬Å“We are pleased with this outcome and believe the settlement is fair to Protection One, our shareholders as well as the KCC and other interested parties,Ã¢â‚¬Â said Lampe.
The settlement also calls for Westar to pay Protection One approximately $4.4 million related to the termination of certain contractual agreements between the two companies.
Lampe said that the settlement does not impact plans for the eventual separation of Protection One and Westar, and she said that plans to unwind the companies are still being explored.