We have no doubt that a shareholder lawsuit is in the offing now that news has broken about the elevation on “Uncle” Ben—who presumably got his nickname from all his insider connections to the company on whose board he now sits as chairman. At the very least this calls out for an activist investor inspired proxy-fight.
From the New York Times:
Uncle Ben, who first appeared in ads in 1946, is being reborn as Ben, an accomplished businessman with an opulent office, a busy schedule, an extensive travel itinerary and a penchant for sharing what the company calls his “grains of wisdom” about rice and life. A crucial aspect of his biography remains the same, though: He has no last name.
No last name, huh? You want this guy running your company’s board? And are all those travel expenses really justified? We can’t wait to see this on Michelle Leder’s Footnoted.org.
Uncle Ben, Board Chairman [New York Times]