Robert A. Ostertag, Jr. has resigned as president and CEO of Foster & Gallagher, effective immediately.
He will pursue other interests, the company said.
Ostertag will remain a corporate director, and will work with the firm’s board on the transition.
No replacement has been named.
The circumstances of Ostertag’s departure were unclear at deadline.
Last week, Foster & Gallagher announced that it had sold its Children’s Group to 1-800 Flowers.com. The group, which includes HeathSong and Magic Cabin Dolls, generated $30 million in revenue last year.
During Ostertag’s nine-year tenure, Peoria, IL-based Foster & Gallagher grew from $170 million to $476 million in sales.
Ostertag joined Foster & Gallagher as president of the Michigan Bulb Company in 1992. Prior to that, he served as executive vice president and chief operating officer of Walt Disney Direct Marketing, Inc.
In April, a class-action suit was filed against the firm by employees who claimed that the value of their retirement accounts had declined by 91%. A Foster & Gallagher spokesperson denied that this had anything to do with Ostertag’s departure.
