1.33%SPY 122.64 1.12%XLF 20.79 0.91%
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STAMFORD, Conn. - Federal Signal Corp. shareholder Warren B. Kanders said Monday he has submitted his candidacy to become chief executive of the company, but suggested the search for a new CEO has been "unfairly tainted."
| FSS | 15.65 |  -0.68 |
President and Chief Executive Robert D. Welding retired Jan. 1. Jim Goodwin has been serving in an interim capacity since that time.
Kanders said he believes "the implementation of the search process ... was unfairly tainted to prejudice my candidacy despite my good faith effort to comply with all of the requirements of the search committee."
He also said he believes the company is "mismanaged by its board and executive officers."
A call to Federal Signal seeking comment was not immediately returned.
Kanders holds a 5.7 percent stake in the company, which makes fire trucks and safety gear, according to a filing Monday with the Securities and Exchange Commission. He is a former chairman and CEO at Armor Holdings Inc., which was acquired by U.K.-based BAE Systems last year.
Shares fell 9 cents to $12.17 in midday trading.
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