"The decision to resign from the board was a difficult one, but the multiple demands on my time required me to make some tough choices among various priorities," the Flushing, NY native says in a prepared statement released by Post Properties.

Blank's resignation comes as Post battles former company chairman John A. Williams in Cobb County Superior Court. Williams' suit, filed March 24, alleges Post and its directors are attempting to oust him as chairman emeritus and cut off his $150,000-a-year stipend.

Blank was named in the suit as a defendant along with other directors Herschel M. Bloom, partner, King & Spaulding law firm; David Stockert, Post's president; John T. Glover, former Post vice chairman; Russell R. French, general partner, Noro-Moseley Partners; Charles E. Rice, chairman, Mayport Venture Partners LLC; Ronald de Waal, chairman, WE International b.v. (The Netherlands) and vice chairman, Saks Inc. (USA); and Robert C. Goddard III, Post's newly named chairman.