The New York TimesCo., Harbinger Capital Partners Funds, andFirebrand Partners have announced that they havereached an agreement under which Firebrand founder Scott Galloway and James Kohlberg, chairman of Kohlberg & Company, will be added tothe slate of Class A candidates nominated by the board for election atthe annual meeting of shareholders on April 22.
The board size will increase from 13 to 15 directors, and as a condition to theagreement, Harbinger and Firebrand have agreed to cease their effortsto elect a slate of four nominees to the Times Co.’s board at the upcoming annual meeting. The other Class A nominees will be Robert E. Denham, ThomasMiddelhoff and Doreen A. Toben. William E. Kennard, previouslynominated to stand for election by the Class A shareholders, will nowstand for election by the Class B shareholders.
Harbinger andFirebrand have agreed to vote their Class A shares in favor of the company’s recommended five-person slate.
“We are pleased to havereached an agreement with Harbinger and Firebrand,” Chairman Arthur Sulzberger, Jr. said in a statement. “Both the board andmanagement welcome the perspectives and insights of our proposed newdirectors.”
Philip A. Falcone, senior managing director of Harbinger, stated,”Our nominees look forward to working with the other directors andmanagement to build and deliver value for all shareholders.”