Townsquare Media on Monday (5/14) held its 2018 annual shareholders meeting, at which a vote on the reelection of three board of directors was held.
Were there any surprises? It depends on how you the view the millions of dissenting votes.
Stockholders overwhelmingly approved the reelection of B. James Ford, David Lebow and Bill Wilson, each of whom will serve as a director for a three-year term expiring at the 2021 annual shareholder meeting.
Ford joined Townsquare’s board in 2010. He’s been a Senior Advisor of the Los Angeles Organizing Committee of the Olympic and Paralympic Games 2028 since 2016. Before that, Ford was Managing Director and Portfolio Manager of Oaktree’s Global Principal Group, where he was responsible for overseeing all activities of the Global Principal Group, including investment commitments and approvals, client relations and administrative and personnel-related matters.
If Lebow’s name sounds familiar, it is likely because he’s a former SVP of Emmis Communications and was a senior executive at iHeart predecessor AMFM Inc. from 1997-2000, serving as SVP/Western Region.
Lebow joined AMFM after his company, Rating Point Management, was acquired by the now-iHeart owned operation.
Upon exiting AMFM, he joined AOL, taking the role of EVP/GM of AOL Media Networks from 2002 to 2007.
Lebow joined Townsquare’s Board in 2010 and today is an investor, advisor and independent management consultant.
Wilson is brand-new to Townsquare’s board, and came on board in March. But, he’s been with Townsquare since September 2010 and since October 2017 has been Townsquare’s co-CEO alongside Dhruv Prasad.
Some 32,639,219 votes were in favor of Ford. But, 2,433,718 were against the reelection — suggesting that some dissent, albeit minor, exists among Townsquare shareholders.
Similarly, 32,774,994 votes were in favor of Lebow’s reelection, while 2,301,943 were in opposition of his reelection.
Co-CEO Wilson earned support with 32,958,699 votes. But, there were 2,119,812 votes against his reelection.
Townsquare did not comment on the outcome of the voting.
The May 14 shareholders meeting also saw, as expected, the ratification of the appointment of RSM US LLP as the company’s independent registered public accounting firm for 2018. The vote was nearly unanimous, with just 36,800 votes against and 37.7 million in favor.
Townsquare Media shares are trading close to its five-year low, achieved in early February.
How much are Wilson and Prasad earning in their new roles?