Cataloger Foster & Gallagher, whose CEO resigned last week, has now lost three board members.
The Peoria, IL-based firm announced today that Melvyn R. Regal has resigned as chairman of the board, effective immediately.
In addition, Joseph Z. Sudow has resigned as a member and Ellen D. Foster as an advisory board member.
There were no reasons given for the resignations, but observers wonder if they are related to a class action lawsuit filed in April by Foster & Gallagher employees who claimed that the value of their retirement accounts had declined by 91%.
On June 14, Robert a. Ostertag, Jr. resigned as president and CEO of the horticultural cataloger. A Foster & Gallagher spokesperson denied that the lawsuit had anything to do with Ostertag’s departure.
