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Response to Tansy_Gold (Original post)

Tue Apr 24, 2012, 08:03 PM

5. ‘Tainted,’ but Still Serving on Corporate Boards (SHAME!)

 

http://dealbook.nytimes.com/2012/04/23/tainted-but-still-serving-on-corporate-boards/?ref=business

When David M. Poppe sat down a little over a week ago to write a letter to his investors, he knew he was taking an unusual step.

Mr. Poppe, who manages money for the Sequoia Fund, one of the most well-respected institutional investment firms in the country, made his letter public last Thursday, setting off a debate within the upper echelons of corporate boardrooms.

His letter, which he wrote with his partner, implored his firm’s investors to vote against the re-election of one of Goldman Sachs’s most prominent board members, James A. Johnson, a former chief executive of Fannie Mae. Mr. Poppe characterized Mr. Johnson’s tenure as being “at the center of several egregious corporate governance debacles.” Mr. Johnson also is a board member of Target, and Mr. Poppe also advises his investors to vote against his re-election if he is nominated again.

It may be surprising that the former chief of Fannie Mae still remains the director of a public company as prominent as Goldman Sachs and Target. But perhaps more surprising, many other executives who had tumultuous reigns are also board members of major public companies: Charles O. Prince III, the former chief executive of Citigroup, who resigned under pressure in 2007 amid huge write-downs at the bank, is a director of Xerox and Johnson & Johnson. E. Stanley O’Neal, the former chief executive of Merrill Lynch on whose watch the firm loaded up on subprime debt that almost bankrupted the company, is a director of the aluminum giant Alcoa....MORE

NAMING NAMES AND TAKING NOTES...

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