Troubled Reddy Ice Holdings Inc. has put its executive vice president for sales and marketing on paid leave, the company said Monday, after a board committee found that he "has likely violated company policies and is associated with matters that are under investigation."

An attorney for the Dallas-based company said it was the first personnel action taken by Reddy Ice since news broke in March that the ice maker was part of a nationwide investigation into possible price-fixing.

Reddy Ice is the nation's largest seller of bagged ice.

In a filing with the Securities and Exchange Commission, Reddy Ice said that effective Saturday, Ben D. Key was placed on leave "and relieved of his duties at the direction of [a] special committee of the company's board."

Neither Mr. Key nor his attorney could be reached for comment Monday.

James Nelson, the outside attorney representing Reddy Ice in the investigation, said there have been "no other personnel actions taken by the company" as a result of the inquiry.

Despite the action Saturday, the company said in the filing that "no conclusions have been reached that any illegal conduct occurred."

The antitrust division of the U.S. Department of Justice and the attorneys general of the District of Columbia and 19 states, including Texas, are investigating possible antitrust violations in the packaged ice industry.

Also Monday, Reddy Ice said it has suspended its quarterly cash dividend, effective immediately, for the July 1-Sept. 30 period.

That move comes about a month after the company reported a nearly 50 percent drop in net income, to $5.7 million, for the second quarter, which ended June 30. Revenue for the quarter fell less than 1 percent.

Reddy Ice shares dropped $1.09 Monday to close at $6.75, a decline of almost 14 percent.