Mr Glotzer:
I will vote for your proposal. In fact I will vote for any proposal against current Provo management. Also I think it is of paramount importance to eliminate the poison pill clause. Could you try again?
Novell Shrhldr Wants To Split Chairman, President Positions
Dow Jones Business News, Thursday, February 28, 2002 at 10:33
WASHINGTON -(Dow Jones)- A Novell Inc. (NOVL) shareholder has proposed
splitting the positions of chairman and president as well as corporate secretary and
treasurer, according to a proxy statement filed Thursday with the Securities and
Exchange Commission.
Martin Glotzer, holder of 312 Novell shares, said he believes that preventing one
person from being both chairman and president, or corporate secretary and
treasurer, would allow for better decentralization of management and more
shareholder protection.
Glotzer said corporations are too large for one person to be both president and
chairman and he feels the firm would be better served with one person as chairman
and chief executive and a second person as president and chief operating officer.
Novell said it believes its interests are best served by having the president and chief
executive serve as the chairman. The company now has one person filling all three
positions, but can and does change these assignments according to the company's
needs.
In addition, Novell said in the filing that the proposal implies that having one person
as president and chief executive compromises the board's independence.
Novell said it doesn't believe this is the case, as four of the seven board members
are independent, unaffiliated directors.
Novell encourages shareholders to vote against the proposal. Shareholders may
vote on the proposal at the company's annual meeting, scheduled for April 17 in
Cambridge, Mass. Novell provides Internet services software that delivers services
to secure and power networks such as the Internet, intranets and extranets.
-By Todd Goren, Dow Jones Newswires; 202-628-9782;
todd.goren@dowjones.com
(This story was originally published by Dow Jones Newswires) |
