Less than a month after removing Vin Gupta from his role as Chairman of database giant and ORC parent infoGroup, the firm's Board has announced his resignation as CEO.
Gupta was sacked as Chairman following an investigation which found he had misspent millions of dollars for use of a jet plane, an 80-foot yacht, appartments in Hawaii and California, a University of Nebraska stadium box and personal flights for Bill and Hillary Clinton.
At the time, Gupta agreed to repay a $9m litigation settlement fee, and was replaced by Bill Fairfield, who assumed the position of Chairman after the Board's Special Litigation Committee separated the roles of Chairman and CEO.
While Gupta remains a Director of the company, Fairfield now becomes CEO and fellow Board Director Bernard Reznicek takes on the Chairman's role.
Fairfield is currently the Chairman of economic development firm DreamField Partners. He has been an infoGroup Board Director since 2005, and is a member of its Nominating and Corporate Governance Committee and the Special Litigation Committee.
The firm announced in a statement that it has entered into a settlement agreement with Gupta, and said that his resignation was the result of a 'cooperative decision' between Gupta and its Board of Directors.
Fairfield said of Gupta: 'Vin founded infoGROUP in 1972 and for more than three decades has guided the company's tremendous growth. We are grateful for his leadership and we want to thank him for his contributions.'
Gupta added his belief that the change is in the best interest of the company, and said that he is looking forward to continuing as a Director and to pursuing new business opportunities.
infoGroup provides business and consumer databases, and owns New Jersey-headquartered Opinion Research Corporation, which it acquired in 2006.
Web site: www.infogroup.com .
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.