Posted on 05/17/2003 2:59:41 PM PDT by Liz
LEESBURG, Va. -- Ted Turner caught the ire of at least two shareholders at AOL Time Warner's annual meeting Friday.
Shareholder Scott Walker said Turner, who stepped down as vice chairman but remained a board member, too often makes a spectacle of himself.
"He frequently speaks out in ways that hurt the company," Walker said at the meeting. "He speaks out against the company. Why on earth should any of us give him another chance on the board?"
The remarks prompted Chairman and CEO Richard Parsons to launch a defense of Turner.
"Ted is one of our most valuable directors. We're lucky to have him," Parsons said to applause from the crowd.
Another shareholder, Dean Shahinian, complained that some of Turner's statements make AOL Time Warner appear anti-religion.
"He frequently says that Christianity is a religion of losers," Shahinian said. "We don't need someone like that representing the company."
All 13 candidates for the 13 spots on the board were elected, including Turner and outgoing Chairman Steve Case.
Turner received 96 percent of the votes cast, similar to what most others received.
But Case, who faced opposition from investors including the company's biggest institutional shareholder, Capital Research & Management, received only 78 percent of votes cast.
Other directors also faced opposition, including two of Case's closest supporters on the board, Miles Gilburne, who got 65 percent of the votes cast, and Ken Novack, who received 82 percent.
None of the others was criticized individually as Turner was.
Turner had no comment when asked about the shareholders' remarks after the meeting.
Shareholders also voiced concern about the company's slumping stock, which has fallen more than 70 percent since AOL and Time Warner merged in 2001.
Parsons expressed confidence that the company will turn around. In particular, he predicted, the AOL division will "regain its stride."
Information from Dow Jones was used in this report.
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AOL annual meeting may be a bit tense
By SHELLEY EMLING The Atlanta Journal-Constitution
NEW YORK -- When Richard Parsons took over as chief executive of AOL Time Warner Inc. at last year's annual meeting, he urged shareholders to be patient as he tackled a disastrous slump in the company's stock price.
The stock closed that day at $18.90. Many wonder how Parsons will explain to another crowd of shareholders today why the stock price of the world's largest media company -- which counts Atlanta-based Turner Broadcasting and CNN among its units -- hovers around $14.
The much-anticipated annual meeting not only marks America Online founder Steve Case's final turn as chairman, it will cap Parsons' long rise to the top of the business world by adding chairman to his title.
The gathering may be contentious, with investors lining up to challenge directors.
Many will be eager to see whether Ted Turner, who will step down as vice chairman but remain on the board of directors, will oppose Case staying on as a director as well.
Turner this month sold more than half his shares in the company but also said he "remains supportive of management." Other investors are losing patience waiting for a turnaround.
The California Public Employees Retirement System, the largest U.S. pension fund, has indicated it won't vote for five directors: Hilton Hotels CEO Stephen Bollenbach, Netscape founder James Barksdale, former Major League Baseball Commissioner Francis "Fay" Vincent, Fannie Mae Chairman Franklin Raines and Miles Gilburne, managing director of ZG Ventures.
Capital Research and Management, AOL's biggest institutional shareholder, will oppose the re-election of three board members, including Case, according to a report in The Wall Street Journal.
The votes aren't likely to change the makeup of the board, though. The top 13 candidates receiving votes will get a spot, and the slate of 13 nominees is running unopposed.
Today's annual meeting will be in Lansdowne, Va., the first held outside the New York headquarters since the merger in 2001.
"We're looking to rotate meetings to be close to employee hubs," said Tricia Primrose, a company spokeswoman. The AOL online division is headquartered in Dulles, Va., and 4,500 employees are stationed in the area.
Parsons seems determined to overcome AOL Time Warner's problems with its shareholders and its business.
A profile in the current issue of Business Week says Parsons "is a lot tougher than you think."
The 55-year-old former adviser to Gov. Nelson Rockefeller of New York said the company is "poised to surprise on the upside" for the first time since the merger.
Indeed, the company's last quarterly report, issued April 28, exceeded the predictions of most analysts. The company posted net income of $396 million in the first quarter, or 9 cents a share, exceeding analyst estimates.
The Atlanta unit, Turner Broadcasting, continues to be a stable performer for the company, though it has challenges that include CNN's ratings battle with rival Fox News.
The company also has taken great pains to reach out to different types of customers.
For example, AOL on Monday launched its first national Spanish-language advertising campaign to target the U.S. Hispanic market.
"The company has made significant progress on a variety of fronts since last year's meeting," said Mark May, an analyst at Kaufman Bros.
But while HBO and other divisions boast stellar performances, the AOL unit continues to grapple with the challenge of moving customers from dial-up Internet service to broadband as it tries to develop new content.
The company still faces investigations into AOL's pre-merger accounting practices by both the Securities and Exchange Commission and the Justice Department.
And Parsons is struggling to pare the company's $27 billion debt by selling non-core assets while dismissing calls to divest the online division that once was the crown jewel of the merged conglomerate.
May said the company has made strides in this area, pointing to the recent sale of its 50 percent stake in the Comedy Central cable network to Viacom Inc.
The company has also struck a preliminary deal to sell the Hawks, the Thrashers and operating rights to Philips Arena to Texan David McDavid for an estimated $350 million to $400 million. AOL Time Warner is shopping the Braves and has hired investment bank Allen and Co. to help find a buyer.
"In the near term, the stock will get moving when there's a resolution to the accounting investigations," May said.
Good show, Shahinian. You are 1000% correct. Turnip is a pro-abortion, Christian-hating zealot.
Ted Turnip's Christian hatred is fueled by his radical pro-abortion, population-control paranoia. These obsessed PC'ers simply hate believers.
Schools have installed the execrable leader of the movement, Planned Parenthood, as the arbiter of children's values that are implemented via evil "values clarification" programs.
PP'hood teen mind-control is an atrocity. Teens are trained to seek out PP instead of parents.
The venal population controllers and PP'hood together with the Christian-baiting ACLU have pulled off an amazing corruption of our culture via their tortured elliptical arguments that have achieved the entire libertine reproductive agenda:
1) explicit K-12 sex education, including sexual perversions, at taxpayers' expense,
2) a fully fornicating society, and
3) abortion-on-demand with the gov't picking up the tab.
We are reaping the left-liberal whirlwind. The magnitude of crimes being committed is mind-boggling. Parents killing children, children killing parents, compounded by utter disrespect for all authority.
Ugly Hollywarped messages in movies, songs and TV contribute to the cultural morass.
The hatred of Christian dicta by PP'hood and its acolytes has forced on our culture humanistic moral relativity, and political correctness, which abhors criticism of even the rankest criminal and degenerate sexual practices. Right and wrong do not exist in these twisted minds.
The PP'hood cancer in our culture is its ruination and this is a prime example of why it must be removed. The best place to start is to get Planned Parenthood removed from schools. The architect of legalized abortion, PP'hood has been embedded in schools from K-12 teaching their amoral curricula. This is done under "Family Life" education in order to fool parents.
PP does nothing but proselytize kids into accepting a sexually libertine, pro-abortion, pro-homo lifestyle. The corrupted culture we live did not evolve in a vacuum. Parents need to find out what their children are learning. And they must insist PP'hood be taken out of their schools.
We need to support legislation which will require Planned Parenthood to report child abuse. Women were dismayed when a 14 year old called Planned Parenthood clinics around the country. She said she was pregnant but didn't want her 23-year-old boyfriend to be prosecuted.
Planned Parenthood was perfectly willing to abort the young girl and let the baby's father get away with rape and child abuse. If an abortion clinic fails to report, certain employees should be held criminally liable and should go to jail.
Meanwhile Planned Parenthood keeps raking in taxpayer's dollars at every level of government for its nefarious activities. Planned Parenthood should be defunded of our federal, state, county and local tax dollars, at once.
Just curious - is English a second language?
Ted Turnip's getting lacerated left and right (mostly right). Don'tcha just love it?
Yes it is and she is a babe movie star, too. Cool it, please.
Why indeed? Would you hire pee-wee herman as your spokesperson?
If the answer is no, then you should look carefully at Ted. Because when he speaks, he's speaking for your company as well.
Ted Turner is an idiot and is on medication.
You can tell when he forgets his Lithium - he makes remarks like the "Christianity is for losers" or relieves himself on the dock at Southampton
They're as attached to Turner as Raines at the NY Times was to Jayson Blair.
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