InfoUSA Names Lead Director; Deal Restricts Gupta From Acquiring More Securities
Bill L. Fairfield has been appointed to the newly established position of lead independent director of infoUSA Inc., Omaha, NE.
Mr. Fairfield is responsible for coordinating activities of independent directors. He serves on the infoUSA board of directors audit committee, compensations committee and the nominating and corporate governance committee.
In addition, infoUSA has entered into an agreement with president/CEO Vinod Gupta in which he will not directly or indirectly try to acquire additional securities of the company. The deal lasts until July 21, 2007. But it would cease to apply if the company announces entry into an agreement with a third party that contemplates a merger, consolidation or sale of substantially all of the company's assets, or an agreement that contemplates a change in control of the company.
Mr. Gupta was re-elected to the board of directors in late May. Institutional Shareholder Services, a corporate governance advocate, failed to place its own nominees on the infoUSA board.
Vin Gupta & Co. LLC, a company controlled by Mr. Gupta, owns 38 percent of infoUSA's shares.
InfoUSA did not return calls in time for press time.