S&P Global Market Intelligence presents a rundown of recent board changes in the U.S. technology, media and telecommunications industries.
* CBS Corp. late Sept. 9 announced the resignation of its longtime Chairman, President and CEO Les Moonves amid an ongoing probe into allegations of sexual misconduct. The company also said it had reached an agreement to settle litigation between CBS and majority shareholder National Amusements Inc. over control of the broadcaster. The leadership shake-up extended to CBS' board as well, with six new independent directors elected to replace five independent members and one National Amusement-affiliated board member who resigned. Following the board changes, there will be 11 independent directors and two National Amusements-affiliated directors on CBS' board. CBS' new independent directors are Candace Beinecke, Barbara Byrne, Brian Goldner, Richard Parsons, Susan Schuman and Strauss Zelnick. Remaining on the board are independent directors Bruce Gordon, William Cohen, Gary Countryman, Linda Griego and Martha Minow, as well as Redstone, who is board vice chair, and National Amusements-affiliated Robert Klieger.
* Paul Galant joined Brightstar Corp. as CEO and a board member. Galant previously served Verifone Systems Inc. as a CEO and member of the board, the company said Sept. 7. Also, Galant will serve Brightstar parent SoftBank Group Corp. as an operating partner.
* NBCUniversal Media LLC named three of its top executives to the Hulu LLC board after 2011 U.S. Justice Department restrictions expired at the end of August, sources familiar with the decision told The Hollywood Reporter. NBCUniversal, one of the founding members of Hulu when it launched in 2008, was required by the DOJ to relinquish its management rights in Hulu as one of the conditions for the approval of its 2011 sale to Comcast Corp. The media conglomerate, which holds a 30% stake in the streaming company, appointed Universal Filmed Entertainment Chairman Jeff Shell, advertising and client partnerships Chairman Linda Yaccarino and content distribution Chairman Matt Bond as directors of Hulu, the sources said. With the move, NBCUniversal now has the same number of board members as other Hulu co-owners Walt Disney Co. and 21st Century Fox Inc.
* Oliver Slipper resigned from Warner Music Group Corp.'s board, effective Sept. 5, to focus on his own ventures and investments. Slipper served on the board of Warner Music since 2014.
* Lachlan Murdoch, 21st Century Fox's executive chairman, is joining Caffeine Inc.'s board after Fox backed the social broadcasting platform and a newly formed venture called Caffeine Studios with a combined $100 million investment.
* The Getty family will resume full control of its namesake visual content company Getty Images Inc. after acquiring a majority stake held by private equity firm Carlyle Group LP, the parties announced Sept. 4. Under the terms of the deal, the Getty family will buy Carlyle's equity interests for cash plus units that provide Carlyle with an ongoing financial interest in the future growth of Getty Images. Following the transaction's closing, expected by the end of the third quarter, Getty Images will undergo several executive changes: CEO Dawn Airey will become a nonexecutive director, COO Craig Peters will assume the role of chief executive, and interim CFO Rik Powell will become CFO. Getty Images co-founder Mark Getty will lead the company's board as chairman, with co-founder and current Chairman Jonathan Klein to remain on the board as deputy chairman. Klein will also maintain his equity interest in the company.
* James Monroe III retired as CEO of Globalstar Inc., effective Sept. 4. Monroe will now serve as executive chairman of the company's board, according to a Sept. 4 SEC filing. Globalstar named David Kagan the new CEO of the company.
* Carl Schramm resigned from Helios and Matheson Analytics Inc.'s board over claims that the company withheld material information from the board for several months. In a letter sent to the company's CEO and chairman, Theodore Farnsworth, Schramm said that he had raised concerns regarding the corporate governance of the company and sought information while the company made a number of important corporate decisions and executed significant transactions either without board knowledge or approval. "These and other actions have interfered with my ability to exercise my responsibilities as a board member," Schramm added. "Taken together, they confirm that, despite my best efforts, my ability to effectively discharge my duties as a director has been compromised beyond repair."
Also, Schramm exited the audit committee, the compensation committee, the nominating and corporate governance committee and the pricing committee, according to a Form 8-K filed Aug. 30. Schramm had served as a member of the board since Nov. 9, 2016. Helios and Matheson Analytics, the majority owner of movie ticket subscription service MoviePass Inc., provides a range of information technology services to Fortune 1000 companies and other organizations in the U.S.
* Ballantyne Strong Inc. on Aug. 30 said Sam Freitag resigned from the company's board. He has been a director of the company for more than seven years.
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