Cato Plans “Takeover” of Cato
On top of yesterday afternoon’s statement from David Koch (about which more later) comes this morning’s press release from the Kochs. “In an attempt to execute their own takeover plan…. board members supportive of Ed Crane voted as a block to change the bylaws and reinstate four past board members.”
Those four longtime board members were ousted by Charles and David Koch at the March 1 shareholders’ meeting. That same day, Charles insisted to the press that: “We seek no ‘takeover.’”
Now, since the Kochs reactivated the shareholders’ agreement, they’ve packed our board with people financially entangled with and/or answerable to the Kochs, including Koch Industries’ largest shareholders, a VP at the Koch Foundation, and an authorized spokesperson for Koch Industries. Nominees to the board that they were unable to elect include: the executive vice president of Koch Industries; a staff lawyer for Koch Industries; a staff lawyer for the Charles Koch Foundation; and a former Director of Federal Affairs for Koch Industries. (Not to worry, though, in his March 8 statement, Charles Koch said he sought to elect “officers and board members [who] would act independently from me or any other individual.”)
So, you see, it’s not a ‘takeover’ to pack the board with Koch functionaries; it’s a ‘takeover’ when you restore the independent board members the Kochs kicked off.