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McClatchy chief resigns from controlling trusts

SAN FRANCISCO (MarketWatch) — Gary Pruitt, chairman and chief executive of The McClatchy Co. , has resigned from a group of trusts that controls much of the voting power in the company, the company announced, in what it described as an effort toward better corporate governance. Pruitt had been a co-trustee of four separate trusts controlling 12.5 million shares of Class B shares — the stock through which the McClatchy family essentially controls the Sacramento-based owner of The Bee newspaper. Pruitt isn’t a family member. Those shares constitute the bulk of the family’s holdings in the company. Although the family owns about a third of the company’s total shares, the Class B holdings give it 80 percent of the voting control, according to a company statement. Pruitt’s resignation was disclosed in a filing Friday with the Securities and Exchange Commission. He was replaced by Leroy Barnes Jr., a non-family member […]

Original post by Forextvblog

This entry was posted on Saturday, September 6th, 2008 at 2:44 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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