Working, as always, with governance specialists Glass, Lewis & Co. LLC, we’ve chosen Dow Jones CEO Peter Kann as a guy in urgent need of a new beat.
CEO: Peter Kann
Tenure: 14 years
Total Shareholder Return*: -37.0%
Peer Index Return*: 13.4%
S&P 500 Index Return*: -9.6%
Total CEO Pay*: $13.1 million
Today’s newspaper is tomorrow’s fish wrap — but you can’t say the same of Kann. Despite disastrous acquisitions, labor disputes, flat revenues, and debt downgrades, the journalist turned executive soldiers on — most recently, vastly overpaying for CBS MarketWatch. We love The Wall Street Journal, but not Kann’s board: Directors Vernon Jordan and David K.P. Li couldn’t even make it to 75% of meetings. Time for someone to turn the page.
*Data from Glass, Lewis & Co. and FactSet Research Systems for five years ending March 7, 2005.FCS