Over the last five years we have endured:
- a 75% decline in PICO stock price
- a 35% decline shareholder’s equity
- a 42% decline in book value per share
- cumulative GAAP losses of $7.48 per share
During this time, we have stood by while:
- CEO John Hart received cumulative compensation of $25,563,540, for an annual average of $5,112,708.
- Chairwoman Kristina Leslie received cumulative compensation of $799,325, for an annual average of $159,865.
When we sought change, Mr. Hart and Mrs. Leslie answered our pleas with:
- A proposal to reincorporate PICO from California to Delaware
- A refusal to acknowledge an unfavorable say on pay vote
- A postponement of the annual meeting
- An Investor Day, paradoxically closed to most investors, with Q&A censored
- Retention of $1,000-per-hour attorney Keith Gottfried, a former member of the Bush administration (see his Wikipedia page) – at shareholder expense
- Retention of an executive search firm – at shareholder expense
- An insubstantial change to executive compensation
- A “promise” to buyback shares
- A meaningless appointment of a placeholder director
We, the shareholders of PICO, are fed up. We have suffered long enough. PICO shareholders have cumulatively lost hundreds of millions of dollars under the purview of this board.
This same corrupt and incompetent board, chaired by Kristina Leslie, seeks only to entrench itself. Kristina Leslie and the rest of the Board have been dishonest, deceptive, self-seeking and hapless.
PICO must be reformed now. See our plan.