Cincy Biz Journal: Governance expert says CQB response to Jager cause for shareholder concern
"Chiquita did not respond to those concerns but referred investors to the company’s “prior public disclosures,” including its third-quarter filing on Nov. 3.
“The company thanks Mr. Jager for his service,” Chiquita said in its Nov. 24 filing. The company also announced that it had reduced its board size to eight directors.
“This is not a reassuring response,” said Nell Minow, editor and co-founder of the Corporate Library, which provides research and analysis on the performance of corporate boards. Minow said protest resignations are rare and companies owe it to investors to provide as much disclosure about the conditions leading to such resignations.
“It’s a legitimate issue for shareholders to be concerned about,” she said.