Corporate has just announced the breakdown on votes cast by shareholders during the annual meeting on Tuesday, and there's a big surprise: an unusually large number were against re-electing Director Scott McCune.
Among votes cast, 55 million shares -- 33% -- were withheld from McCune, a director since 2008 whose day job is marketing at Coca-Cola Co.
None of the other nine directors drew anywhere near that negative support from stockholders. For example, the four members of the board's executive compensation committee each lost only 4% of the votes cast, according to Corporate's filing today with the U.S. Securities and Exchange Commission.
What's more, only 1.4% of shares were withheld from McCune a year ago.
For my analysis of the newest data, I only counted votes cast; I didn't include those that weren't voted by brokers.
Why McCune?
I don't have the foggiest idea; maybe one of our smart Gannett Blog readers will weigh in.
Here's his biography from the annual shareholder's proxy report:
McCune, 55, has served as vice president and director, integrated marketing at Coca-Cola since January 2005. He was vice president, worldwide media; vice president, worldwide sports at Coke between 2001 and 2004. McCune has broad business experience and expertise in consumer marketing strategies from the various management roles he has held at Coke.
The other nine re-elected, all to one-year terms, were Chairman Marjorie Magner, CEO Gracia Martore, John Cody, Howard Elias, Arthur Harper, John Jeffry Louis, Duncan McFarland, Susan Ness and Neal Shapiro.
Executive pay wins
Shareholders were far more supportive of the company's new executive compensation policy, which eliminates stock options and defers some pay further into the future.
Only 7% of the 166 million votes were cast against the Say on Pay proposal, a now-annual non-binding resolution put before shareholders under federal law. Last year, the figure was closer to 20%.
Tuesday, after the annual meeting, Corporate said only that Say on Pay was approved "overwhelmingly." The vote breakdown wasn't disclosed until late this afternoon.
Related: this spreadsheet gives vote breakdown by director.
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| McCune |
None of the other nine directors drew anywhere near that negative support from stockholders. For example, the four members of the board's executive compensation committee each lost only 4% of the votes cast, according to Corporate's filing today with the U.S. Securities and Exchange Commission.
What's more, only 1.4% of shares were withheld from McCune a year ago.
For my analysis of the newest data, I only counted votes cast; I didn't include those that weren't voted by brokers.
Why McCune?
I don't have the foggiest idea; maybe one of our smart Gannett Blog readers will weigh in.
Here's his biography from the annual shareholder's proxy report:
McCune, 55, has served as vice president and director, integrated marketing at Coca-Cola since January 2005. He was vice president, worldwide media; vice president, worldwide sports at Coke between 2001 and 2004. McCune has broad business experience and expertise in consumer marketing strategies from the various management roles he has held at Coke.
The other nine re-elected, all to one-year terms, were Chairman Marjorie Magner, CEO Gracia Martore, John Cody, Howard Elias, Arthur Harper, John Jeffry Louis, Duncan McFarland, Susan Ness and Neal Shapiro.
Executive pay wins
Shareholders were far more supportive of the company's new executive compensation policy, which eliminates stock options and defers some pay further into the future.
Only 7% of the 166 million votes were cast against the Say on Pay proposal, a now-annual non-binding resolution put before shareholders under federal law. Last year, the figure was closer to 20%.
Tuesday, after the annual meeting, Corporate said only that Say on Pay was approved "overwhelmingly." The vote breakdown wasn't disclosed until late this afternoon.
Related: this spreadsheet gives vote breakdown by director.
He's a white man over 50. Need you ask anything more?
ReplyDeleteIsn't he the guy who told Ms. Martore she needed to hire a chief marketing officer.
ReplyDeleteThat really helped. Just ask Maryam.
When's the last time Gannett saw a dime of Coke advertising. Don't support the queen bee then you should get smacked.
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ReplyDeleteJim, have to say, as a business reporter this is a no brainer. Simple.
ReplyDeleteYes, he's the one who pushed the CMO position. He's also the one who got Dumbow to hire the Core Strategy Group for seven figures.
ReplyDeleteOne of Dubow's BFFs. So of course, he brings nothing to the table.
ReplyDeleteCheck out Core Strategy Group's website.
ReplyDelete8:57 is in the know Jim. I'd stay on that lead.
ReplyDeleteWhat did Core Strategies do for us?
ReplyDeleteOkay, but what shareholder group would have any idea of what 8:57 is speaking about? They wouldn't. Actually, if they did, he would have gotten higher votes.
ReplyDeleteThere is something dastardly going on here. Maybe a typo or something like that>
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ReplyDeleteJudging for Cor Strategy's website, their main business is political consultancy. Other than that, it's hard to tell what they would have done for Gannett, except part with some serious coinage. Can't be any worse than the crews Banikarim has hired to discover what we already knew.
ReplyDeleteThe connection between McCune and Core Strategy is that the former is connected with principals of the latter through their mutual time at Coca-Cola. Had Dubow not been such a mess in the year leading to his retirement, there is a small chance that one of the Core Strategy people would have wound up in the CMO role. But La Martore was ascendant at the same time that Dubow was buying pain meds wholesale, so that whole timeline never really took off.
ReplyDelete6:08 Timing -- and Percocets -- are everything.
ReplyDeleteCan we make the directors reapply for their jobs. Shareholder votes don't seem to matter anymore.
ReplyDeleteWhat a joke this board is. They arent even smart enough to bail from a sinking ship, Unless they are forced out by retirement.
ReplyDeleteNo wonder they are bamboozled by the likes of Martore, Dubow aand mccorkindale.
This comment has been removed by a blog administrator.
ReplyDeleteAnyone care to guess what this company has spent on consultants in the last 2-3 years? Has to run in the millions and millions, right?
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteThe beat goes on.
ReplyDeleteNext director to "retire.". We'd be better off getting some youngster from Facebook on the board.
ReplyDelete