Sunday, June 6, 2010

Phoenix-based Realty Executives sues its former president

by J. Craig Anderson The Arizona Republic May. 31, 2010 09:06 PM

Real-estate agency Realty Executives is embroiled in an employee contract and severance dispute with former President John Foltz, who headed the company from 1997 to 2009.

The Phoenix company filed a complaint against Foltz in Maricopa County Superior Court on May 24.

Foltz is now serving in a role that the company describes as "president emeritus."

The complaint accuses Foltz of a variety of infractions, including breach of contract and failing to meet his fiduciary responsibilities while working as an independent contractor for the real-estate agency, Arizona's largest in terms of local sales volume.

The complaint also accuses Foltz of "making negative and disparaging remarks" concerning Rich Rector, Realty Executives owner and executive chairman, and Robyn Rector, Rich's wife and the agency's co-owner, "to employees, executives and potential investors as part of an effort to undermine their authority and credibility."

Foltz could not be reached for comment.

Realty Executives issued a statement on Thursday saying its employment agreement dispute with Foltz would not affect the company's operations.

"We appreciate John's past service to the company, but after an extensive internal investigation and careful consideration of the facts that have recently come to light, we concluded that it was in the best interests of our employees, executives and vendors to take this action," the statement said.

Phoenix-based Realty Executives sues its former president

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