infoGROUP’s (Nasdaq:IUSA) stock got a 12% boost this morning following the database company’s early morning announcement that its founder and CEO has resigned and been replaced by the chairman. Vinod Gupta – who started the company in 1972 - has resigned as Omaha, Neb.-based infoGroup’s chief executive officer but will remain on the board of directors.

Bill Fairfield, who had served as chairman of the board, has been tapped to replace Gupta in the CEO role. Meanwhile, Bernard Reznicek, a current director, has taken over as chairman. In July, Fairfield assumed the position of chairman board’s Special Litigation Committee separated the roles of chairman and CEO. The SEC is looking into spending by InfoGroup, previously known as InfoUSA, and certain trades of company stock.
 
In connection with Gupta’s resignation, infoGroup also announced that it has entered into a settlement agreement with Gupta and the other parties named in the lawsuit. infoGROUP is at $5.80, up $0.63 from Wednesday’s close.

Shares have traded as low as $3.78 and as high as $10.66 during the past 52 weeks.

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