Word: lazard
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...board--after consulting with Icahn about the candidates. Icahn's investor group still controls 3.3% of the stock, and he isn't likely to go away soon, so Parsons made other concessions, including a promise to review the findings of a report issued by Icahn's investment adviser, Lazard. One new point of agreement: Icahn now shares Parsons' view that Time Warner's cable division should not be spun off 100% because of the potential tax bill...
...There was no conflict of interest here,” Clark said. “Lazard has annual revenues of about $1.5 billion—when you consider that the income [from Icahn] was $5 million, and maybe a bonus if the [Time Warner] stock price was raised, this issue would never have made it to the board of directors...
Clark said that in the end he decided to resign from one of the companies to assuage potential concerns of other directors that sitting on both boards would have affected his judgment. He said he chose to resign from Lazard because he had invested a great deal of time into learning Time Warner’s business and felt that he would be more valuable remaining on its board...
...joined the board of [Time Warner] in January of 2004 while I was only with Lazard since May of 2005,” Clark said. “This decision was not a statement of my feelings toward the management of either company...
Clark’s relationships to the Lazard management, in particular to Bruce J. Wasserstein, Lazard’s chief executive, have also come under fire from some corporate governance experts. In addition to Lazard, Clark has also sat on the board of other Wasserstein-controlled companies: cosmetics maker Maybelline, auto supplies manufacturer Collins & Aikman, and publishing company American Lawyer Media Holdings...