Pre-Paid Legal Services Inc. said its largest shareholder, Thomas W. Smith, resigned from the board and is considering whether to sell all his stock.
Smith’s departure wasn’t the result of disagreement over “operations, policies or practices,” the Ada-based company said in a separate filing. Smith holds about 2.58 million shares, or almost 26 percent of the outstanding stock, Pre-Paid Legal said.
The shares rose 20 cents to $41.86 in New York trading Thursday, valuing his stake at $108 million.
Pre-Paid also announced this week that founder Harland Stonecipher will step down as chief executive officer and president, effective April 2. Stonecipher, 71, will remain chairman. Chief Operating Officer Randy Harp, 54, was named president, and will share the CEO job with Mark Brown, 56, the chief marketing officer.
Source: Bloomberg News
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Hmmm. Timing on this is interesting given the SEC news.
While any company can fail, no matter how old or well-established. Having survived over 35 years, I would be willing to bet that Pre-Paid will weather this storm as it has other storms in the past.