Jackson Hewitt Tax Service has ousted chair and chief executive Michael Lister after more than 125 of the company's franchises faced charges of fraudulent tax return preparation.Michael Yerington succeeded Lister as CEO, while Margaret Richardson was elected non-executive chair of the board. Yerington joined the company in 2006. Richardson, who joined the company's board in 2004, was a former commissioner at the Internal Revenue Service.

Lister, who came to Jackson Hewitt from H&R Block, joined the company in 2001 and was named CEO two years later, helping grow the company to more than 6,500 tax prep locations nationwide.

A company spokesman declined to comment on the reason for the replacement, but noted that it is "strengthening the compliance and oversight procedures" at its franchises.

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