Beleaguered by hedge fund shareholders angry at the dismal performance of the New York Times Company, Pinch Sulzberger has opted to nominate two new directors for the company's board. Unfortunately for him, the paper is already on the record savaging companies on whose boards these two directors have already served. The New York Sun has a brilliant editorial this morning pointing out Pinch's proclivity for hypocrisy:
When a director of an oil company tries to make profits for his shareholders, he is accused of "greed." When a Wal-Mart director tries to make profits for her shareholders, she is lectured about being "tight-fisted." But when The New York Times Company's shareholders start getting restless for profits, where does Arthur Sulzberger Jr. turn to for "exceptional individuals"? Why, to veterans of the boards of Wal-Mart and Chevron. When it is the Times that is hoping to make the profits, somehow it isn't "greed" but, as Mr. Sulzberger put it, "skills, expertise and leadership qualities." We couldn't have put it better ourselves.
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