Former Workflow Exec Resigns from Board
PALM BEACH, FL—Former Workflow Management Chairman of the Board Thomas B. D'Agostino Sr. has resigned from the board amid allegations that he misused company funds.
According to the findings of an investigation conducted by the company, D'Agostino failed to comply with company policies and procedures, including those relating to expenses and personal business activities. The investigation also found that D'Agostino failed to furnish complete information to the board regarding certain transactions, and that he should reimburse the company for certain expenses paid by the company.
While not admitting to any wrongdoing, D'Agostino has paid the company $400,000 in settlement of these matters. He has also reportedly released the company from any obligation to pay severance or other amounts under his employment agreement.
The board has elected Gerald F. Mahoney as chairman. Mahoney was elected to the Workflow board in October 2002 and later served as the company's interim CEO while the board conducted a search that resulted in the hiring of Gary Ampulski, the current CEO.