US Bancorp CEO sees more activism

Head of bank lobbying group predicts hot proxy season

The chairman of a powerful banking industry lobbying group predicts a hot proxy season coming up, particularly on questions of executive compensation. ‘I think you’re going to see a whole new groundswell of shareholder activism,’ predicted Richard Davis, chairman of the Washington DC-based Financial Services Roundtable.

Davis, who is also chairman, president and CEO of Minneapolis-based US Bancorp, went on to blast his own industry saying ‘as an industry, we failed the American people,’ a view he says is shared by most of his banking colleagues. The comments were made on local public radio in Minneapolis on Monday Jan 25 where Davis was alternately apologetic, diplomatic and combative in discussing the future of the banking industry.

Posted on Corporate Secretary Magazine webisite
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How does Target respond to a rumor half a world away?

Target's Indian operation subject of sale rumor in local press

 
Target Corp. (NYSE:TGT) issued an unusual and strongly worded statement denying an Indian newspaper report that it plans to sell its India technology unit to a software company. Target’s strong and rapid denial highlights the challenges a global company faces in dealing with rumors 12 times zones and half a world away.

Published on MinnPost Jan 22
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After complex financial transaction, Gander Mountain set to go private

Gander Mountain, the St. Paul-based hunting and fishing retailer with 118 megastores across 23 states, completed a necessary step Friday in its announced plan to voluntarily delist the company’s common stock.


In a complex, two-step transaction designed to reduce its total number of shareholders under the 300 threshold necessary for delisting, the company announced it had completed a 1-for-30,000 reverse split of its common stock followed by a 30,000-for-1 forward split of its common stock.

Published on MinnPost Jan 18
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