The NY Times nominated two candidates for the board, corporate lawyer Robert Denham and Drugstore.com CEO Dawn Lepore. Two current board members, Brenda Barnes, chairman of Sara Lee, and James Kilts, former vice-chairman of Proctor & Gamble are leaving the board.
Usually a pro-forma exercise, the election of new directors to the board of the New York Times Co. in April promises more excitement than most. Two hedge funds, Firebrand and Harbinger Capital Partners Fund, which doubled their ownership of NYT to 10%, have nominated four candidates to the Times’ 13-member board, in hopes of forcing it to more quickly shift its business online.
The NYT hasn’t yet responded to the not-so-gentle overture; a complete list of board candidates will be announced later this month.
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