Two InfoGroup board members resign
Two more members of InfoGroup's board of directors have resigned as part of a shareholder lawsuit settlement.
The company announced that George F. Haddix and Vasant H. Raval submitted their resignation as directors on August 25.
Vinod Gupta, former CEO of InfoGroup, resigned from his executive position at the firm he founded in 1972 on August 21. His action was also part of a settlement agreement relating to a shareholder lawsuit.
Shareholders Cardinal Value Equity Partners and Dolphin Limited Partnership filed the lawsuit in Delaware last year, alleging Gupta had misspent millions of the company's money.
InfoGroup also announced the creation of an EVP for business conduct and general counsel, who will be responsible for supervising all internal legal and compliance functions. The new employee will report directly to the chairman of the board.
Last week, Bill Fairfield was named CEO of the company and Bernard Reznicek had assumed the role of chairman of the board.