The following report is from Inside Indiana Business.
Cummins’ shareholders said “no” Tuesday to a proposal to split the duties of chairman and chief executive office, a dual role currently held by Tom Linebarger. Our partners at the Daily Journal report shareholders rejected the proposal during the company’s annual shareholder meeting.
The publication says a shareholder had submitted a proposal to divide the chairman of the 13-member board and CEO roles into separate positions and fill with two people.
Had it been approved, Linebarger would have been stripped of the chairmanship. In a proxy statement, the board of directors indicated its preference to keep things status quo.
“Currently, our Board believes it is in the best interests of our company for the roles of our chairman and CEO to be combined and to appoint a lead director from among our independent directors,” the statement said.
The board says it evaluates the company’s leadership structure on an annual basis.
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