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Billionaire investor Icahn rails against 'sclerotic boards'
Independent, The (London), Jun 20, 2008
Business News IN BRIEF
--The ferocious activist investor Carl Icahn is taking his campaign against underperforming corporate managements into cyberspace with the launch of a scathing new blog. The septuagenarian billionaire promised in February he would start a blog critiquing corporate governance, and yesterday he launched a stream of invective against sclerotic boards, overpaid chief executives and shareholders who shirk their responsibility to hold their managements to account. "Years from now, historians will marvel why we the shareholders ... did not do something effective about removing terrible managements," he said on icahnreport.com. Boards are run like a "decaying socialist state", with non- executive directors turning up to rubber-stamp the plans of a chief executive who spends the rest of the time "flying around the world on the company's private jet on the 'business' of visiting ... golf courses while he runs the company - and the value of your stock - into the ground".
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