Largest Pre-Paid Legal Shareholder May Sell Stock
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Thomas W. Smith, the largest shareholder of Pre-Paid Legal Services Inc. resigned from the board and is considering whether to sell all his stock, which amounts to over 2 million shares, equal to 26 percent of the outstanding stock, the company said. According to the Ada-based company, Smith's departure wasn't due to a disagreement over operations, policies or practices, but because shares rose 20 cents to $41.86 in New York trading Thursday, increasing his claim to $108 million.
In another announcement by Pre-Paid Legal Services, Harland Stonecipher will be stepping down as chief executive officer and president, coming into effect on April 2 although he will remain as chairman. 54 year old Randy Harp, Chief Operating Officer was declared as the new President and will share the CEO job with chief marketing officer Mark Brown.