Security Environmental Co-Founder Quits Board

Security Environmental Systems Inc. said Tuesday that co-founder Stephen Grossman has resigned from the company’s board of directors.

Security Environmental, based in Huntington Beach, would not give a reason for the resignation by Grossman, who stepped down as president more than a year ago.

Also, co-founders Jonathan Grossman and Alfred Grossman, both of whom are board members, have renegotiated their contracts with Security Environmental, the company said. President Ellen Batzel has reduced their salaries and broadened the termination clause of their contracts, the company said, and the two have turned their voting power over to her.

Jonathan Grossman’s annual salary was reduced to $90,000 from $125,000. Alfred Grossman’s was reduced to $60,000 from $125,000. A company spokesman said the decision to reduce the Grossmans’ salaries was made as part of an overhaul of the entire organization.

Grossman family members are still major shareholders in Security Environmental. Of the 3.5 million outstanding shares of the company’s stock, which trades on the Nasdaq market, the Grossmans own about 1.5 million shares.

Security Environmental, founded in 1972, collects and disposes of hazardous waste.