RHEV 3.4 engine-setup fails with "Failed to execute stage 'Closing up: Command '

Issue

Received below error message when attempted to upgrade to RHEV 3.4

[root@rhevm ovirt-engine]# engine-setup 
[ INFO  ] Stage: Initializing
[.... SNIP OF NON-RELEVANT INFORMATION .... ]
          --== END OF SUMMARY ==--

[ INFO  ] Starting engine service
[ ERROR ] Failed to execute stage 'Closing up': Command '/sbin/service' failed to execute
[ INFO  ] Stage: Clean up
          Log file is located at /var/log/ovirt-engine/setup/ovirt-engine-setup-20141027160520-f6rb7l.log
[ INFO  ] Generating answer file '/var/lib/ovirt-engine/setup/answers/20141027160647-setup.conf'
[ INFO  ] Stage: Pre-termination
[ INFO  ] Stage: Termination
[ ERROR ] Execution of setup failed