Circuit City Responds to Wattles, Sides Likely to Meet
The chief of Circuit City’s board of directors has agreed to meet with Mark J. Wattles, the leader of the group seeking to oust the company’s current leadership, the Wall Street Journal reported Friday. But the two sides are differing on the specifics of the meeting.
In a response to a letter written earlier in the week by Wattles, Circuit City lead director Mikael Salovaara wrote a letter of his own, dated Friday, in which he stated that “I think a conversation will help provide a better picture of those efforts and possibly facilitate a more productive dialogue between the Company and your firm.”
Wattles, however, had proposed a meeting only if the board agreed, in writing, that Wattles’ slate of directors be nominated as candidates for election. Salovaara called this an “unusual and unreasonable condition.”