New York Times Settling Proxy Fight With Harbinger, Firebrand; Board Size Expanded
This story was written by Joseph Weisenthal.
The NYTCo (NYSE: NYT) has announced a settlement in its proxy fight with activist investors Harbinger and Firebrand. It looks like a compromise position: The company will expand the size of the board from 13 to 15, with those extra two seats filled by investor reps Scott Galloway (Firebrand) and James Kohlberg. The other nominees that had been proposed by Harbinger and Firebrand, Gregory Shove and Allen L. Morgan will not be running for election. The other nominees, representing the company's interests, will be Thomas Middelhof, Robert Denham and Doreen A. Toben. William A. Kenard will be running as a class B representative, while previously announced nominee Dawn Lepore (Drugstore.com) will not be on the ballot. More to come Release.
By Joseph Weisenthal