Chapter 13 - THE BOARD VOTE
Sterling still owned 38%.
He wanted board representation restored.
Company bylaws gave major owners nomination rights.
Could board keep him out forever without conviction?
Complex.
He nominated a proxy:
His longtime adviser Thomas Wren.
Independent committee objected due loyalty.
Shareholder vote required.
Lenora 30%.
Coraline 12%.
Thatcher 8%.
Sterling 38%.
Others 12%.
If Thatcher sided with father, Sterling bloc could regain influence.
Everyone watched him.
For years, Thatcher chose father.
Now:
He abstained.
Not heroic.
Just refused proxy.
Sterling furious.
Coraline supported Wren.
Lenora opposed.
Management holders split.
Nominee failed.
Sterling called Thatcher a traitor.
Thatcher said:
“I’m done being your vote.”
That was change.
Again:
No marriage restoration.
People can become better after losing you.
Then Lenora nominated Margaret Shaw as permanent independent chair.
Approved.
Kensington governance shifted from family monarchy to professional board.
Sterling retained economic rights.
Dividends.
Shareholder votes.
Not management control.
He sued again.
May you like
No stay.
Business continued.
