Gupta Out as InfoGroup CEO
Vinod Gupta last week relinquished his CEO title at InfoGroup, a business and consumer database company he founded more than 30 years ago. The resignation caps a year-long shareholder lawsuit and follows the loss of his chairmanship, which he gave up in July as a result of a decision by the board of directors’ Special Litigation Committee to separate the roles of CEO and chairman. Bernard Reznicek, a current board director and CEO of Premier Enterprises Inc., a consulting, investment and real estate company, will take over as InfoGroup’s CEO.
Bill Fairfield, who also served as a board director, took over the chairman spot last month. Gupta will remain on the board of directors.
Gupta’s exit comes after a “cooperative decision” with the board, and is connected to a shareholder lawsuit filed by Cardinal Value Equity Partners and Dolphin Limited Partnership last year alleging the misspending of millions of dollars of company money. The company, in addition to the executive shuffle, announced a settlement between Gupta and the parties named in the complaint.
Gupta has agreed to pay the company $9 million, subject to court approval, following the determination by the Special Litigation Committee that “various related party transactions, expense reimbursements and corporate expenditures were excessive,” according to the company.
The company also decided to replace its CFO Stormy Dean, who will assume a new position in the company in the area of corporate strategy and planning, and to create a new position of executive vice president for business conduct and general counsel. The company’s current general counsel and secretary John Longwell will serve in this position until it is permanently filled.
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