ICD President Departs Company; Lawsuit Filed
Ian Gittlitz, former president and CEO of b-to-b publisher ICD, which owns Hotel Business, HomeWorld Business and Hotel Journal, was terminated on July 2 from his position, according to an internal ICD memo obtained by Folio:. The memo also states that ICD has filed a lawsuit against Gittlitz, alleging "fraudulent acts and a breach of fiduciary responsibility."
Gittlitz, who is teaming up with his son, Seth Gittlitz, the new owner of Travel Trade Publications Inc., remains a minority shareholder in the company along with Dave Palcek (who takes over as president) and Cyndi Evans.
One June 29, three employees in ICD’s hotel group resigned from the company and inquired about purchasing the Hospitality group, an inquiry that was rejected, according to Palcek, who says there are no plans to sell the company. "Very shortly, ICD will announce the appointment of well-known Hospitality marketing publishing executive to head up the hospitality group," he adds. "Our ownership is still intact from 18 years ago."
The memo states "The company had its best year ever in 2006 and we are running very close to last year’s performance. There is no significant long-term debt on the company’s books and we are in a strong cash position. The accounting firm we retained to manage the financial controls will ensure the security of the company’s money."
Gittlitz declined comment on advice from his attorney.