Bob Funk Sr., co-founder of Express Employment Professionals stepped down as CEO in March 2018 and was replaced by Bill Stoller after resolution of a yearslong legal battle between the partners that included allegations Funk diverted $134 million of company funds for personal use.
Terms of the settlement are sealed. Funk, 77, will take on the title of president and board vice chairman of the Oklahoma City company that employs 250. Stoller, 67, takes over as CEO and board chairman effective Monday.
The change in titles was first sought as part of a lawsuit filed by Stoller eight years ago in which he claimed Funk diverted company funds in the form of unauthorized loans that were used to pay expenses for his franchises and purchase a 160,000-acre cattle ranch in New Mexico.
Funk was required to turn the ranch over to the company, pay $30 million in deferred compensation to Stoller, and agree to Stoller taking over as CEO. The agreement was signed on May 19, 2014.
Stoller is not as well known as Funk, but the pair's partnership goes back to the early 1980s when they both worked with Acme Personnel. Express Employment Professionals reported sales in 2017 hit an all-time high of $3.4 billion with 800 franchises in 49 states, Canada and South Africa.