Daily News

View All News

PEO board member steps down

May 14, 2014

Insperity Inc. (NYSE: NSP) board member Gregory Petsch stepped down effective May 11 from the board of the Houston-based professional employer organization.  Carol Kaufman was appointed to replace Petsch as lead independent director and chair of the nominating and corporate governance committee.

Petsch joined Insperity as a director in October 2002. He was chairman of the company’s nominating and corporate governance committee and a member of the compensation committee. Petsch retired from Compaq Computer Corp. in 1999 where he had held various positions since 1983, most recently as senior vice president of worldwide manufacturing and quality. Prior to joining Compaq, he worked for 10 years for Texas Instruments. Petsch has served as a director, trustee or advisor of several private businesses, civic or charitable organizations.

“We thank Greg for his guidance and contributions as a member of the Insperity board of directors for the past 12 years, and wish him all the best in his retirement,” said Chairman and CEO Paul J. Sarvadi. “Greg has been a valued member of the Board since 2002. On behalf of the Board, I would like to extend my gratitude for Greg’s service to Insperity.”

An Insperity shareholder, Stadium Capital Management, last month called for C-suite to look into the possibilityof selling the company and a change to the makeup of the board.

Insperity re-elected Michael Brown and Eli Jones to the board at its annual meeting of stockholders on May 13. Petsch withdrew his name from consideration for re-election; however, Insperity said in a filing with the Security and Exchange Commission that if the proposal for Petsch’s re-election had been presented, he would have been re-elected to the board.