From the NYT:
THE ABSENTEE DIRECTOR Last year was exceptionally trying for the
directors of Morgans Hotel Group, whose former chief executive, W.
Edward Scheetz, resigned after a young woman died in his Las Vegas
condominium, apparently of an accidental drug overdose. The company’s
board held 11 scheduled meetings and a number of ad hoc meetings in
connection of the departure of Mr. Scheetz, according to the latest
Morgans proxy statement.
Having a director with the stamina to repeatedly ride a bicycle up some
of the highest peaks in the French Alps would seem to be a bonus in
times of such stress. Yet Lance Armstrong, the seven-time winner of the
Tour de France, did not attend a single meeting of his fellow Morgans
directors last year, the proxy states. Early this year, Mr. Armstrong
gave up his seat on the board after collecting more than $70,000 in fees
and company stock in 2007.
Through a spokesman, the company said: “Lance Armstrong was a valued
member of our board of directors. During Mr. Armstrong’s service, he was
engaged and readily available to the C.E.O. and other directors for
consultation on various issues and projects.”
PATRICK McGEEHAN