Chieftain Capital Management sent a letter to Comcast CMCSA (NASDAQ) urging the ouster of CEO Brian Roberts. The fund calls Roberts’ tenure a “Comcastrophe.” It’s also demanding that the company scrap its dual-voting structure, which it claims gives the Roberts family control of the company at the expense of shareholders owning 99 percent of the firm.
Comcast finds itself battling satellite competitors and telcoms. I have included Roberts on my CEO Watch list specifically due to the increased pressure placed on him by Chieftain's latest letter.
Time will tell.
For more:
Business Week Management IQ blog
Barrons
Reuters
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