by Max Brantley
Arkansas Business reports on a letter sent by unhappy Dillard's shareholders to company board members seeking removal of William Dillard II as company CEO. The letter also said Dillard's family members, who include his brothers, Alex and Michael, and his sisters, Drue Corbusier and Denise Mahaffy, are overpaid and under-qualified for the positions they hold. The letter notes that the company's market capitalization has declined precipitoulsy -- almost 95 percent -- since Dillard took over as CEO, from $4.36 billion to $246 million. The investors earlier forced the addition of independent members to the Dillard's board, but the commpany's two-tiered stock structure currently leaves the Dillard's in control of the foundering retail chain.
The stock, which traded near $3 last week, has jumped today on news of the push for a new CEO. The market apparently likes the idea.