Liberty Tax said Wednesday its board terminated founder John Hewitt as the tax preparation chain’s CEO on Tuesday.

Hewitt will remain chairman of the board, however, as he is the only holder of Liberty’s Class B shares. The company has been negotiating to repurchase his shares, which allow him to appoint a majority of the board members. Hewitt has an extensive history in the tax preparation industry. He founded Liberty Tax Service in 1998 after co-founding Jackson Hewitt in 1988, which was sold in 1997 for $483 million to Cendant. Before co-founding Jackson Hewitt, he was a regional director at H&R Block, in charge of more than 250 offices.

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