"The company's strategy of repositioning the portfolio and selling older communities has the potential to trigger significant tax liability for me as a unit holder," Teague says in a statement prepared by Post chairman Robert C. Goddard III.
Teague says he wants to be "in a position to manage my tax and estate planning needs by making offers on certain properties that the company intends to sell in the auction process."
"While the decision to resign from the board was a difficult one, I want to avoid any possible conflict of interest with the board in negotiating any potential transactions," he adds.
Goddard says Teague "will be missed from the board, but we certainly understand his desire to address his personal financial issues by potentially making offers on certain company communities." He adds, "Barry has played a key role on Post's board of directors since he joined the board and has been enormously helpful to the company and the existing board of directors."
Teague is the second Post director to resign this year. Atlanta Falcons owner Arthur Blank resigned in May, a year before his term expired. Also departing this year as directors emeritus are J.C. Shaw and Bill Parker. The directors emeritus positions are being eliminated. Shaw is the retired chairman of Shaw Industries. Parker is an investor and philanthropist.
Sources in a position to know tell GlobeSt.com that Shaw and Parker supported Williams in his May proxy battle with Post directors. Teague was rumored to be a pro-Williams backer but sided with Post management on the proxy issue.
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