Dissident shareholders kicked off three directors at Media General, but two of them have been put right back on. The board, whose majority is controlled by super-voting shares mostly held by the Bryan family, has increased its size from nine to 11 members and elected former directors Walter E. Williams and Rodney A. Smolla to fill the two new seats. Williams has been named Chairman of the Audit Committee and Smolla Chairman of the Nominating & Governance Committee.
Under Media General’s bylaws, holders of the publicly traded Class A shares get to elect 30% of the board, but there won’t be another election until next year. So, the three directors recently elected on the dissident slate are now outnumbered 8-3.
Also, Chairman of the Board J. Stewart Bryan III announced his intention to retire as an executive officer before the end of Q3, but will remain as non-executive Chairman of the Board.