AP business writer Michael Liedtke writes that dissident shareholders described CNET Networks’ management as incompetent and lackadaisical in its latest efforts to steer the slumping technology news and entertainment company in a new direction.
Liedtke writes, “By deploying better tools to sell more advertising and highlight CNet’s listings in Internet search results, Jana believes it can substantially boost the company’s earnings and restore much of the roughly $1 billion in shareholder wealth that has evaporated since December 2005.
“‘There is no reason to believe that the current leadership, left to its own devices, should be further entrusted to stop the destruction of shareholder value,’ the Jana-led group said in its assessment.
“Besides lambasting CNet’s board, the document questioned the Internet savvy of the company’s chief executive, Neil Ashe, and chief financial officer, Zander Lurie. The Jana group argued the men’s background in investment banking makes them poor choices to lead an online media company.”
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