Industrial Enterprises of America Inc fka IEAM

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Mazzutto retires due to poor "health." That first CEO had "health" problems too. Unbelievable.

Industrial Enterprises Announces John Mazzuto to Retire as Chief Executive Officer
Wednesday November 21, 9:10 am ET


NEW YORK, Nov. 21, 2007 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (NasdaqCM:IEAM - News) announced today that John D. Mazzuto, Chief Executive Officer and interim Chief Financial Officer has decided to retire from his position as an officer of the company. He will remain in his current position through December 31, 2007 and will continue to serve as a member of the Board of Directors.

The Company's Board of Directors is evaluating its options for potential new CEO candidates.

Bob Casper, Chairman of the Board, stated, ``John had informed the Board previously that due to personal health reasons, he would not be staying in the CEO position. The Board at that time asked him to allow sufficient time for the new operating team initiatives to take hold. He has been transferring all day to day issues to the new operating team during this period. With the filing of the financials expected by year end, he will have accomplished the transition. The three years he spent building IEAM will be remembered fondly by all of us who worked with him.''

About Industrial Enterprises of America

Industrial Enterprises of America, Inc., headquartered in New York, NY, is an automotive aftermarket packager and supplier that specializes in the sale of anti-freeze, auto fluids, charcoal fluids, and other additives and chemicals. The Company has distinct proprietary brands that collectively serve the retail, professional and discount automotive aftermarket channels. For more information please visit http://www.ieam-inc.com