NEW YORK—The New York Times, which has seen its share price plummet by 50 percent since 2002 and now faces a revolt by dissident shareholders, has retained Citigate Sard Verbinnen.
After criticism by Morgan Stanley portfolio manager Hassan Elmasry, vice president of corporate communications Catherine Mathis called Knight Ridder—another media company that recently faced shareholder pressure—for advice and initially contacted Joele Frank, Wilkinson Brimmer Katcher, which was already working with Morgan Stanley.
Despite the poor performance of the stock and job cuts across the company, chairman Arthur “Pinch” Sulzberger and CEO Janet Robinson recently received hefty stock bonuses. Morgan Stanley, which holds a 5 percent stake in the company, criticized the executive compensation package and the failure to address the problems with the stock price. It also called for an end to The Times’ two-tier stock system, which allows the Sulzberger family to maintain control of the company despite a relatively small holding, saying the system “fosters a lack of accountability.”