Largest Del Webb Shareholder Seeks 3 Seats on Board
From a Times Staff Writer
Del Webb Corp.’s largest shareholder, unhappy with the firm’s recent stock performance, said Thursday that it intends to solicit proxies to elect three representatives on the Phoenix-based real estate company’s board.
Webcott Holdings is a Los Angeles limited partnership that claims to own 9.8% of Del Webb’s stock.
Webcott also said it is seeking to overturn the firm’s anti-takeover “poison pill” provision and executive golden parachutes.
The three individuals seeking election at the firm’s May 16 annual meeting are James Cotter, general partner of Webcott and a current Del Webb director; Ralph Perry, a Los Angeles attorney, and Ronald I. Simon, a financial consultant and formerly chief financial officer of Henley Group.
