Artnet Delays Annual Shareholder Meeting

Artnet, the German-based company that made headlines this week with the resignation of its longtime CEO and the closure of its online publication by the same name, has just postponed its annual shareholder meeting.

Originally scheduled for July 11 the meeting will now take place on Aug. 8, the company said in a statement. In the past few weeks, the company’s current management has faced the prospect of a proxy battle with a group of shareholders at the annual meeting. With CEO Hans Neuendorf’s resignation, the landscape has shifted a bit. His son, Artnet President Jacob Pabst, is now the incoming CEO and Sergey Skaterschikov, one of the leaders of the dissenting shareholders, said he’d support Mr. Pabst taking some time to present his new plans for the company. From my article in today’s paper:

“We still want to know what, strategically, the supervisory board members and management want to do,” Mr. Skaterschikov said. “And obviously we would like to hear the strategic plans of the company, but given that Jacob is now taking over as the CEO, it’s perfectly okay if he asks for more time to present the strategic plan, at the shareholder meeting.

Artnet declined immediate comment on the reasons for moving the meeting.