The founding family of Kiddie Academy International Inc. has gained control of the Bel Air-based national operator and franchiser of child-care centers.
The company said yesterday that George L. Miller and Pauline J. Miller and their son Michael acquired enough shares of common stock for a majority.
The Millers last week placed Chief Executive Officer Angelo D. Bizarro on administrative leave and temporarily assigned his responsibilities to Michael Miller. Guy Matta, the chief financial officer, called the change an executive decision and declined additional comment.
The Millers also dismissed Bizarro and Carl Meil as directors. A third director, Bob Siegel, resigned yesterday. In addition, the Millers appointed three new directors, Pauline Miller, Diane Anato and Gary Miller, who is not related to the founding family. The Millers also enlarged the board from six to nine directors, Matta said.
Matta also said the company is trying to combat a serious cash-flow problem. In the six-month period ended April 13, Kiddie Academy reported a net loss of $825,000. The company's stock is traded over the counter.
Pub Date: 6/06/97
