Gupta steps down as CEO of InfoGroup

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Gupta steps down as CEO of InfoGroup

Vinod Gupta, CEO of Info­Group, resigned from his execu­tive position at the firm he founded in 1972 on August 21. His action was part of a settlement agreement relating to a shareholder lawsuit, according to a report filed with the US Securities and Exchange Commission.

InfoGroup declined to comment beyond its press release. Gupta will remain on the board of direc­tors. He stepped down from his position as chairman of the board when the board's special litigation committee separated the roles of chairman and CEO last month.

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.

Dolphin Limited Partnership also declined to comment. Accord­ing to SEC filings, the special liti­gation committee for InfoGroup identified $818,748 as personally benefiting Gupta last year, and $646,931 in 2006. The commit­tee also ordered Gupta to pay the company $9 million.

With Gupta's withdrawal, Bill Fairfield has been named CEO. Bernard Reznicek has assumed the role of chairman of the board.

In a statement, the new leaders said that they will ensure a seam­less transition.

“InfoGroup is a financially strong company with a healthy balance sheet, solid cash flow and tremendous growth potential,” said Reznicek, in a statement.

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