Hofmann CEO resigns amid company dispute, settlement reached

After a lawsuit and a dispute within Zaccanelli Food Group, which acquired the local Hofmann Sausage Company last year, a settlement has now been reached with the CEO and he has decided to resign.

Investors including the Oneida Indian Nation and Syracuse University head basketball coach Jim Boeheim announced they are dropping the lawsuit against CEO Frank Zaccanelli.

"Once this dispute became public I answered the allegations and I leave with head held high and my family intact. This now allows me to concentrate on my other businesses that I will have the time to grow and to spend more time with my family," said Zaccanelli in a statement.

The lawsuit, brought by the investors, claimed he used company money for personal use, according to The Post-Standard.

The Dallas based Zaccanelli Food Group bought Hoffman last May with local investors, but employees say he used his company credit card for clothing, entertainment, and flights for his wife.

The other investors will stay in place and they say further growth will be led by investor and restaurateur Phil Romano. The long-time president of Hoffman, Rusty Flook, will now become the acting CEO.