Ronald N. Zebeck, a founder and the former chairman and chief executive officer of Metris Cos. Inc., has left the Minnetonka, Minn., credit card issuer's board.
The Minneapolis Star Tribune reported June 5 that the last board function in which Mr. Zebeck participated was its annual meeting the day before.
Metris ousted him from his top management job in December, but he retained his board seat, because he still had more than a year left on his three-year term.
According to the proxy statement for the meeting, the board met in the weeks after Mr. Zebeck's firing to develop a resolution to reduce the length of members' terms to one year. The resolution passed at the annual meeting, and Mr. Zebeck was the only board member not nominated for a new term.
The annual election of board members will "facilitate the removal of directors who are not, in the view of a majority of stockholders, managing the company in the best interests of the company," the board said in the proxy statement.
A spokesman for Metris had not returned a phone call by press time.
