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VIRGINIA BEACH, Va. (AP) — The founder and former CEO of Liberty Tax is resigning as the chairman of the company’s board of directors.

The Virginian-Pilot reported Tuesday that John Hewitt also plans to sell his stock in the Virginia Beach-based company. An amendment to Liberty’s credit and term loan agreement with lenders on July 18 required the resignation. It also said Hewitt must give up securities that allow him to pick a majority of the board.

Hewitt was fired last year after an internal investigation found he’d likely had romantic relationships with employees and given them preferential treatment.

Hewitt’s resignation from the board will be followed by the resignations of four members he had elected: Gordon D’Angelo, Ellen McDowell, Nicole Ossenfort and John Seal. Ossenfort will continue to serve as the company’s CEO and president.

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Information from: The Virginian-Pilot, http://pilotonline.com