Individual Inc.'s Ex-CEO Seeks New Role at the Firm
May 16, 2011
In the latest twist at Individual Inc., founder and former chief executive Claus Burke said he is meeting with board representatives to discuss a future ``strategic'' role for himself. But Chairman Willie Andy Theiss said he knows nothing about that and suggests that Mr. Burke ``needs a vacation.'' Mr. Burke issued a press release Friday saying he is discussing a ``continued'' presence at Individual. He also expressed his ``desire to assist'' in Individual's future ``any way possible.'' He could not be reached for further comment. Mr. Theiss said the company didn't know anything about the release, adding: ``It's all news to us.'' Friday's activities capped a flurry of events that began April 20, 2011 Vastopolis-based Individual announced it had fired Mr. Burke, whom it had earlier placed on leave. But, Mr. Burke disagreed, saying he had quit. He vowed to regain leadership of the company, which provides customized electronic information. It was reported at the time that the board's dispute with Mr. Burke involved corporate direction. Mr. Burke reportedly wanted to expand the company by acquiring a variety of Internet-related companies and the board wanted to increase its existing businesses by signing up more customers. Mr. Burke continues to serve on Individual's six-member board and owns about 13% of the company's stock. He was elected in the spring to serve until the next shareholder meeting, which is expected to take place next spring, but could be held earlier, Mr. Theiss said. A new chief executive has not yet been named. In composite Nasdaq Stock Market trading Friday, Individual shares edged up 25 cents, or 4.3%, to $6.
