Not quite off the island…

July 19, 2004

Judging by Pepsico’s (PEP) recent 10-Q, there’s quite a number of shareholders who are ticked off at the board’s compensation committee. Though nobody was voted off the island, shareholders witheld substantially more votes from the five members of the compensation committee than from Pepsisco’s other directors. Compensation committee chairman (and former IBM (IBM) Chairman and CEO) John Akers received the biggest vote of no-confidence with 86.3 million votes witheld — more than three times the number of votes shareholders witheld from Akers a year ago, though he was re-elected with 1.37 billion votes. Others singled out by Pepsico shareholders include former AT&T (T) head Robert Allen and public radio/television executive Sharon Percy Rockefeller.

PS: Thanks to everyone who wished me a speedy recovery. Some people bring back postcards from their summer vacation. I managed to bring back pneumonia!

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