New York Times: Galloway to Leave Board
NEW YORK (
) --
New York Times
(NYT) - Get Free Report
said Scott Galloway, who in 2008 led a shareholder fight against the publisher that ultimately earned him a seat on the company's board, has opted out of re-election.
Galloway told the
Wall Street Journal
he was leaving the board because of "other commitments."
Galloway joined the board of New York Times after his investment company, Firebrand Partners, teamed up with hedge fund Harbinger Capital and pushed for strategic changes at the company. Harbinger has reduced its stake in New York Times to 13%.
The company, in a regulatory filing, said it nominated Carolyn Greenspon, a fifth-generation member of the Ochs-Sulzberger family that controls the publisher, to stand for election.
Greenspon's addition to the board would give it 13 directors, following the exit of Galloway and Daniel Cohen, who said previously he would step down.
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