James Galloway, who led company to buy 20 percent stake, plans exit in April
In today's boring-but-important non-Tiger Woods media news:
James Galloway, one of two investment company strategists named to the New York Times Company's board in 2008, said on Thursday that he will not seek reelection when his seat is up in April.
Galloway led the Harbinger Group's purchase of 28.5 million shares of class A stock, or about 20 percent, according to the Times. Late last year, the company dumped 10.15 million shares "at an average price of about $8.46 a share — less than half what it had paid," the Times said.
Galloway and James Kohlberg, were the board members nominated by outsiders to the Times Co. board.
Kohlberg will seek reelection; Galloway won't be replaced, cutting the size of the board to 13.
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