InfoGroup founder Gupta resigns from board after voting to recommend sale of company

InfoGroup’s founder resigns from company board

OMAHA, Neb. — The founder of database provider InfoGroup Inc. has resigned from the company’s board.

Vin Gupta resigned Monday after voting with the rest of InfoGroup’s board to recommend selling the company to private equity firm CCMP Capital Advisors for $8 a share.

InfoGroup shareholders will receive about $460 million cash in the deal, and CCMP will assume about $175 million of InfoGroup’s debt.

InfoGroup disclosed Gupta’s departure Thursday.

Gupta lost his CEO and chairman positions in 2008 after a shareholder lawsuit raised questions about his excessive spending. Gupta pledged to reimburse InfoGroup $9 million over five years, but received $10 million severance.

Gupta remains InfoGroup’s largest shareholder with control of about 35 percent of the stock.

Shares in InfoGroup ended Thursday up 1 cent at $7.90.

On the Net:

InfoGroup Inc.: www.infogroup.com