Corporate Governance
Good corporate governance - pointing out corporate directors who should and shouldn't be elected anywhere. This is my attempt to keep track of good people for board of directors and keep track of people who should be avoided.Tuesday, January 23, 2007
Congratulations to Applica for getting acquired
The Board of Directors of Applica talked Harbinger and Nacco into a bidding war to purchase the firm.
The bidding started at $6 a share in stock and ended at $8.25 a share in cash.
Congratulations to the Board of Directors for getting their shareholder a 37.5% bump.
The people on this board are:
SUSAN J. GANZ
Chief Executive Officer
Lion Bros. Co., Inc.
LEONARD GLAZER
Private Investor
WARE H. GROVE
Senior Vice President and Chief Financial Officer
Century Business Services, Inc.
THOMAS J. KANE
President
TJK Sales, Inc.
J. MAURICE HOPKINS
President
Merchandise Sales Corp.
CHRISTOPHER B. MADISON
Principal
Mast Capital Management, LLC
JERALD I. ROSEN
Attorney-at-Law
Certified Public Accountant
HARRY D. SCHULMAN
Chairman of the Board, President and Chief Executive Officer
Applica Incorporated
PAUL K. SUGRUE
Dean - School of Business
University of Miami
The bidding started at $6 a share in stock and ended at $8.25 a share in cash.
Congratulations to the Board of Directors for getting their shareholder a 37.5% bump.
The people on this board are:
SUSAN J. GANZ
Chief Executive Officer
Lion Bros. Co., Inc.
LEONARD GLAZER
Private Investor
WARE H. GROVE
Senior Vice President and Chief Financial Officer
Century Business Services, Inc.
THOMAS J. KANE
President
TJK Sales, Inc.
J. MAURICE HOPKINS
President
Merchandise Sales Corp.
CHRISTOPHER B. MADISON
Principal
Mast Capital Management, LLC
JERALD I. ROSEN
Attorney-at-Law
Certified Public Accountant
HARRY D. SCHULMAN
Chairman of the Board, President and Chief Executive Officer
Applica Incorporated
PAUL K. SUGRUE
Dean - School of Business
University of Miami
Tuesday, January 16, 2007
Kudos to the Cablevision special committee
Thomas V. Reifenheiser and John R. Ryan, both independent directors of Cablevision, rejected the Dolan family offer to privatize Cablevision.
Incredible kudos to the pair for actually standing up and protecting the shareholders of the firm against management who wanted to buy the firm, especially since the controlling Dolan family kicked off the last few directors who disagreed with them.
Tom Reifenheiser is also a director at Mediacom Communications (MCCC).
John Ryan is also a director at CIT Group (CIT).
Kudos and congratulations to both of you, and I hope you find new employment soon.
Incredible kudos to the pair for actually standing up and protecting the shareholders of the firm against management who wanted to buy the firm, especially since the controlling Dolan family kicked off the last few directors who disagreed with them.
Tom Reifenheiser is also a director at Mediacom Communications (MCCC).
John Ryan is also a director at CIT Group (CIT).
Kudos and congratulations to both of you, and I hope you find new employment soon.
Sunday, January 07, 2007
Apple stock options
Steve Jobs seems to have been caught playing stock option games, and has been working the press releases extremely well.
Quoting from TheStreet.com
>Though Jobs received two backdated grants, the Cupertino, Calif., company insists he didn't "financially benefit from these grants or appreciate the accounting implications."
>Of course, Jobs didn't financially benefit from the grants primarily because they were canceled and replaced in 2003 with 5 million restricted shares. That move was unveiled in a press release titled "Apple Enhances Corporate Governance."
>It is becoming clear just how badly Apple's governance needed enhancing. Apple had reported that a backdated option grant to Jobs was approved at a special board meeting on Oct. 19, 2001. But a hole or two has since developed in that story.
>"Such a special board meeting," Apple admits in its latest 10-K filing, "did not occur."
>Small problem. And though Jobs was a member of the board at the time, Apple insists "there was no evidence ... that any current member of management was aware" that the purported approval came at a meeting that never happened.
And who's on this Board of Directors?
Bill Campbell
Chairman and former CEO
Intuit Corp.
Millard Drexler
Chairman and CEO
J. Crew
Albert Gore Jr.
Former Vice President of the United States
Steve Jobs
CEO, Apple
Arthur D. Levinson, Ph. D.
Chairman and CEO
Genentech
Dr. Eric Schmidt
CEO
Google
Jerry York
Chairman, President and CEO
Harwinton Capital
Quoting from TheStreet.com
>Though Jobs received two backdated grants, the Cupertino, Calif., company insists he didn't "financially benefit from these grants or appreciate the accounting implications."
>Of course, Jobs didn't financially benefit from the grants primarily because they were canceled and replaced in 2003 with 5 million restricted shares. That move was unveiled in a press release titled "Apple Enhances Corporate Governance."
>It is becoming clear just how badly Apple's governance needed enhancing. Apple had reported that a backdated option grant to Jobs was approved at a special board meeting on Oct. 19, 2001. But a hole or two has since developed in that story.
>"Such a special board meeting," Apple admits in its latest 10-K filing, "did not occur."
>Small problem. And though Jobs was a member of the board at the time, Apple insists "there was no evidence ... that any current member of management was aware" that the purported approval came at a meeting that never happened.
And who's on this Board of Directors?
Bill Campbell
Chairman and former CEO
Intuit Corp.
Millard Drexler
Chairman and CEO
J. Crew
Albert Gore Jr.
Former Vice President of the United States
Steve Jobs
CEO, Apple
Arthur D. Levinson, Ph. D.
Chairman and CEO
Genentech
Dr. Eric Schmidt
CEO
Jerry York
Chairman, President and CEO
Harwinton Capital
Wednesday, January 03, 2007
Home Depot finally fires Nardelli
Finally. Seven months after my first blog about this awful awful overpaid CEO, they finally get rid of this problem.
Okay, the news reports right now are sketchy, but, my readers know that half the board was going to turn over, and they probably were having problems finding people with Nardelli there. On top of that, without Langone on the board to overpay and protect Nardelli from having to perform, I'm sure Nardelli wanted to get out of there while the board would still overpay him to retire rather than take his chances with a potentially competent board who would wouldn't pay him more than the market cap of the company.
The board isn't changed since my last blog about this awful board, but they deserve one last mention so we know who to avoid in the future:
Frank Blake
Chairman and CEO
The Home Depot
Gregory D. Brenneman
Chairman & CEO
TurnWorks, Inc.
John L. Clendenin
Retired Chairman, President, and CEO
BellSouth Corporation
Claudio X. González
Chairman and CEO
Kimberly-Clark de Mexico, S.A. de C.V.
Milledge A. Hart, III
Chairman of the Board
Hart Group, Inc.
Bonnie G. Hill
President
B. Hill Enterprises, LLC
Laban P. Jackson Jr.
Chairman & CEO
Clear Creek Properties, Inc.
Helen Johnson-Leipold
Chairman & CEO Johnson Outdoors Inc. and Johnson Financial Group
Lawrence R. Johnston
Former Chairman, CEO & President
Albertsons, Inc.
Kenneth G. Langone
Chairman of the Board, CEO, and President
Invemed Associates, Inc.
Angelo Mozilo
Chairman and Chief Executive Officer
Countrywide Financial Corporation
Thomas J. Ridge
Former Secretary of Homeland Security and Governor of Pennsylvania
Okay, the news reports right now are sketchy, but, my readers know that half the board was going to turn over, and they probably were having problems finding people with Nardelli there. On top of that, without Langone on the board to overpay and protect Nardelli from having to perform, I'm sure Nardelli wanted to get out of there while the board would still overpay him to retire rather than take his chances with a potentially competent board who would wouldn't pay him more than the market cap of the company.
The board isn't changed since my last blog about this awful board, but they deserve one last mention so we know who to avoid in the future:
Frank Blake
Chairman and CEO
The Home Depot
Gregory D. Brenneman
Chairman & CEO
TurnWorks, Inc.
John L. Clendenin
Retired Chairman, President, and CEO
BellSouth Corporation
Claudio X. González
Chairman and CEO
Kimberly-Clark de Mexico, S.A. de C.V.
Milledge A. Hart, III
Chairman of the Board
Hart Group, Inc.
Bonnie G. Hill
President
B. Hill Enterprises, LLC
Laban P. Jackson Jr.
Chairman & CEO
Clear Creek Properties, Inc.
Helen Johnson-Leipold
Chairman & CEO Johnson Outdoors Inc. and Johnson Financial Group
Lawrence R. Johnston
Former Chairman, CEO & President
Albertsons, Inc.
Kenneth G. Langone
Chairman of the Board, CEO, and President
Invemed Associates, Inc.
Angelo Mozilo
Chairman and Chief Executive Officer
Countrywide Financial Corporation
Thomas J. Ridge
Former Secretary of Homeland Security and Governor of Pennsylvania
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