Business Services Industry
Shareholder of Kent, Wash.-Based Flow International Loses Bid for Board Seat.
Knight Ridder/Tribune Business News, August, 2001
By Drew DeSilver, The Seattle Times Knight Ridder/Tribune Business News
Aug. 30--Management at Flow International easily turned back a dissident shareholder's attempt to win a board seat, but the shareholder said his quixotic effort wasn't for naught.
In newspaper advertisements last week, and in brief remarks yesterday at Flow's annual shareholders' meeting, R. Keith Long said management failed to control expenses and rewarded itself with excessive stock-option grants.
But Long, who runs a small Florida-based hedge fund, received fewer than 282,000 votes, compared with the 13 million-plus each of the three board-nominated candidates got. Most of Long's votes represented the 240,000 Flow shares his fund owns.
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