CalPERS Criticizes Clear Channel
April 20, 2006 at 5:15 AM (PT)
CALIFORNIA's CALPERS pension fund, the largest in the country, put CLEAR CHANNEL on its annual "Focus List" of underperforming companies this year. CALPERS Pres. ROB FECKNER called the persofmance of CLEAR CHANNEL and five other companies "unacceptable," criticizing CLEAR CHANNEL in particular for overpaying its executives.
Also under fire from CALPERS are BROCADE COMMUNICATIONS SYSTEMS INC., CARDINAL HEALTH, MELLON FINANCIAL CORP., OFFICEMAX, and SOVEREIGN BANCORP.