Rather than accept any of the four director wannabes nominated by dissident investors, the New York Times Company has begun to unveil its own slate of candidates. Former Salomon Inc. CEO Robert Denham and drugstore.com CEO Dawn Lapore will run for the seats of two current directors who have decided not to stand for re-election, although there’s no word yet on whether all of the remaining 11 incumbents will be on the ballot.
Under the dual-class voting system at New York Times Company, nine of the 13 board members are elected by the holders of Class B stock, most of which is owned by the Ochs-Sulzberger family. Only four are elected by the holders of the publicly traded Class A stock. It is those four seats which are being sought by four nominees of the Harbinger hedge fund and Firebrand Partners.
NY Times management hasn’t yet announced its full slate, so it’s not clear yet just which seats Denham and Lepore will run for. Of the two current directors who have decided not to seek reelection, James Kilts was a Class A director and Brenda Barnes a Class B director. The other three Class A directors, who by all indications do plan to seek reelection by the public shareholders, are Bill Kennard (yes, the former FCC Chairman), Raul Cesan and Doreen Toben. Voting will take place at the annual shareholders meeting on April 22nd.