The New York Times (NYSE: NYT) company has settled its proxy fight with activist investors Harbinger and Firebrand, and it looks like a straight up compromise: The company will expand the size of the board from 13 to 15, with those extra two seats filled by investor reps Scott Galloway (Firebrand) and James Kohlberg. The other nominees that had been proposed by the activists, Gregory Shove and Allen L. Morgan will not be running for election. Representing the company will be existing board members Thomas Middelhof and Doreen A. Toben, along with William A. Kenard who will stand for election from the Class B shareholders. Also on the ballot will be new outsider Robert Denham, whose name was added in February. [
Left off the list: Drugstore.com CEO Dawn Lepore, who was also added in February and whose digital experience was seen as a counter to the activists’ demands, wasn’t in the announcement but is still being nominated; she will be voted on by Class B shareholders.] Harbinger and Firebrand have agreed to vote their shares in favor of the full list of nominees. Release.
There’s little else in the announcement other than the basic outline of the agreement and the obligatory anodyne statements from the two sides. Harbinger’s Phillip A. Falcone: “Our nominees look forward to working with the other directors and management to build and deliver value for all shareholders.” Chairman Arthur Sulzberger Jr.: