Fred Vakili, former executive VP of administration and chief administrative officer, resigned from infoGROUP Inc. effective Feb. 4, according to a company filing with the Securities and Exchange commission.
According to the filing, the company has no plans to fill either position at this time.
Additionally, effective Feb. 6, John H. Longwell, former acting executive VP for business conduct and general counsel and secretary, resigned from the company. Thomas J. McCusker had been appointed executive VP for business conduct and general counsel in late December; on Jan. 3, he was given the secretary position as well.
Furthermore, Robin S. Chandra, who had been a member of the company’s bard since December 2007, resigned his board membership effective Feb. 6. According to the company filing, “his resignation as a director was not related to any disagreement with the Company regarding any matter related to the company's operations, policies or practices.”
Separately, infoGroup released its fourth-quarter financial results. During its 2008 fiscal year, it generated $738.3 million in sales, up from $688.8 million in fiscal year 2007. But its net income slipped from $40.9 million to $4.4 million. The company recorded $10.7 million in severance payments for the year, “primarily to the former CEO of the company, Vinod Gupta,” according to its SEC filings.
Legal expenses and professional fees associated with shareholder litigation amounted to $23.6 million for the year.
The company’s fourth quarter saw its sales fall from $185.8 million to $178.1 million, and its net income drop from $11.2 million to just under $2 million.
Fourth-quarter 2008 expenses included $1.5 million in severance costs associated with the restructuring of Direct Media.
