The board of directors at CBS Corp have set 2019’s annual shareholders meeting for May 29, which will be less than six months after 2018’s meeting which was delayed twice amid the corporate intrigue at the media company.
This year’s meeting date was tipped Tuesday in an 8-K filing with the U.S. Securities and Exchange Commission.
In December, CBS Corp held its fairly drama-free meeting at New York’s Museum of Modern Art, reflecting little of the turmoil CBS has experienced the previous months. in the wake of former chairman and CEO Les Moonves’ departure and a bitter legal fight with corporate parent National Amusements.
A slate of 11 directors, including Strauss Zelnick, who remains interim chairman, were elected by 98% of shareholders after a September board shakeup.
Just after that meeting, the board ruled Moonves, who exited amid allegations of inappropriate conduct, was fired for cause and would not receive a $120 million severance package. That decision is now in biding arbitration. Joe Ianniello is now the acting CEO, with a search for a permanent chief executive currently in the works.
CBS’ annual shareholder meeting is typically held during an always-eventful week for the company — in mid-May when it holds its annual upfront presentation for ad buyers at Carnegie Hall. That date was scrubbed last year when the company sued NA, aiming to dilute its 80% control after merger talks involving onetime corporate siblings Viacom and CBS dissolved into acrimony. That fight was resolved, with National Amusements barred from initiating -merger talks for two years – though the companies individually could explore a reunion.
With the May date set, any advance written notice from a stockholder seeking to present any business or proposal must by submitted by February 28.
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