NEW YORK: Shareholders in the New York Times Company have flexed their voting muscle to pressurize the board to improve the firm's share price. Investors holding 42% of stock withheld support for directors at this week's annual meeting.
Their displeasure has increased significantly over the last year, when 30% of shareholders withheld their support. The vote is largely symbolic since the Ochs-Sulzberger family remains in control of the publisher.
However, chief agitator Hassan Elmasry, a Morgan Stanley money manager who wants the company to reform its corporate governance, argues that the vote is "a clear mandate for meaningful change".
Data sourced from Wall Street Journal Online; additional content by WARC staff