We learned from Podnews that Libsyn, one f the largest and most established podcast hosting companies is undergoing tumult. One of its “beneficial owners,” the 6% shareholder group Camac, is calling for a special stockholder meeting to revise or replace the board of directors.
The dissatisfaction appears to center around executive compensation. In an SEC filing from Camac, the salaries and bonuses of CEO Christopher J. Spencer and CFO John Busshaus are disclosed. Spencer “is slated to receive” $400,000 in salary and $800,000 in bonus. For Busshauss the numbers are $350,000 and $700,000. The Camac filing states that the totals add up to over 59% of Libsyn’s 2018 income.
That’s an interesting revelation, putting Libsyn’s (presumably topline) revenue at
$2.25-million $3.8-million. (We apologize for the earlier computation error.)
“Camac is soliciting proxies to call a special meeting because it believes that Libsyn is desperately in need of improved governance,” the filing says. “Camac believes that the operating team at Libsyn has built a wonderful business with tremendous potential. With the right board of directors, Camac is confident that the best is yet to come.”
Camac is a private investment firm founded in 2011.