The Idaho Statesman reports that Kelly Beeman, a Boise attorney and businessman has launched a website - www.ItAintJoesAnymore.org - designed to stop the breakup and sale of Albertsons to Supervalu, CVS and a group of investors.
Among Beeman’s goals: a full accounting by Albertsons CEO Larry Johnston of how much he is making in the transaction.
"We just want what Johnston and executives are doing to be fully disclosed and in plain English," Beeman tells the paper.
In addition, the Statesman writes, “Beeman also hopes the site will energize shareholders to join him in filing a class-action lawsuit against Albertsons for being financially irresponsible because the company's sales have lagged in recent years and its stock price has dropped,” even as bonuses have been handed out to senior executives. "How can the board of directors give those kinds of awards to major executives when the board of directors' only responsibility is shareholder interest?" Beeman asks the paper.
Albertsons isn’t commenting on the effort.
Among Beeman’s goals: a full accounting by Albertsons CEO Larry Johnston of how much he is making in the transaction.
"We just want what Johnston and executives are doing to be fully disclosed and in plain English," Beeman tells the paper.
In addition, the Statesman writes, “Beeman also hopes the site will energize shareholders to join him in filing a class-action lawsuit against Albertsons for being financially irresponsible because the company's sales have lagged in recent years and its stock price has dropped,” even as bonuses have been handed out to senior executives. "How can the board of directors give those kinds of awards to major executives when the board of directors' only responsibility is shareholder interest?" Beeman asks the paper.
Albertsons isn’t commenting on the effort.
- KC's View:
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The general feeling seems to be that while this effort will not slow or stop the sale of the company, it may shine a needed spotlight on the actions of Johnston and the board of directors. There is some real consternation out there about how Albertsons ended up in this position. Was it irresistible market forces that put management in the position of having to sell the company? Or mismanagement?
The thing is, for top-flight leadership and management, maybe there’s no such thing as “irresistible market forces.”
