In spite of a recommendation from Institutional Shareholder Services urging Sprint Corp. shareholders to withhold their votes for the reelection of University Secretary Linda Lorimer to Sprint’s board of directors, Lorimer was reelected Tuesday with 77 percent of ballots cast.
ISS, a firm that advises major investors, recently accused Sprint of overpaying its chairman and CEO Gary Forsee. ISS said on April 7 it was unhappy with the compensation committee of Sprint’s board of directors and made a recommendation to withhold votes from Lorimer, who is not a member of the compensation committee.
ISS later said in a press release that it did not intend to target Lorimer, who was the only member of the board seeking re-election to another term this year. But ISS did not reverse its recommendation that shareholders withhold votes for Lorimer.
Lorimer said Sunday she was disappointed with ISS’ actions.
Despite ISS’ efforts, Yale University School of Management Associate Dean Jeff Sonnenfeld said Sunday he was confident Lorimer would win reelection and that the controversy would soon become a “non-issue.”
— Amy Kaplan