Word: lazard
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Former Harvard Law School (HLS) Dean Robert C. Clark resigned his seat on the board of investment bank Lazard last month after a growing chorus of criticism that his seats on both Lazard and Time Warner’s boards of directors represented a conflict of interest...
...Clark maintains that despite the fact that Lazard was advising a shareholder mounting a takeover attempt of Time Warner, his seat on the two boards did not pose a conflict...
Dissident shareholder Carl C. Icahn retained Lazard on Nov. 29, 2005 as part of his battle to split up the media conglomerate, which was formed by a merger of America Online and Time Warner in January...
Less than a week—and a few national news stories—later, Clark resigned his directorship at Lazard, stating in a letter to the firm’s general counsel that he wished to “eliminate the appearance of a conflict of interest” and “free the companies from unproductive distractions...
...phone interview with The Crimson yesterday, Clark said that he resigned from the Lazard board over the objections of the management at both companies. He added that he had sought out the opinions of many lawyers and businesspeople who had told him that he could remain on both boards without creating a conflict...