(CelebrityAccess MediaWire) — Despite opposition from the company’s largest shareholder, Fidelity Investments, the 10-member board of directors at Clear Channel survived reelection.
Fidelity, who holds a 15.5 percent stake in the company, objected the media conglomerate’s renewal of a $90 million severance deal with founder Lowry Mays, and his sons, CEO Mark Mays and CFO Randall Mays, according to the Bloomberg news service.
The move occurred at CC’s annual meeting in April, but was revealed in August via Fidelity’s regulatory filings. Fidelity’s rebuke of Clear Channel resulted in at least 18 percent of total votes being withheld for each director, according to the August 9th filing with the SEC.
“Any time your largest holder votes against the board, it means they have lost confidence in the leadership of the company,” Richard Ferlauto, director of pension and benefit policy at the American Federation of State, County and Municipal Employees told the Bloomberg. “That should be a cause of concern for any board.” –by CelebrityAccess Staff Writers