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Post Urges Shareholders to Sink Williams' Ship

ATLANTA-Calling John A. Williams "the case of the CEO who wouldn't leave," Post Properties Inc. president/CEO David P. Stockert and chairman Robert C. Goddard III tell stockholders their investments could shrink if Williams wins his current proxy fight and returns as CEO.

By Alex Finkelstein | Updated on April 24, 2003

ATLANTA-In a no-holds-barred proxy fight, Post Properties Inc. president/CEO David P. Stockert and chairman Robert C. Goddard are telling shareholders their investments could shrink if former chairman John A. Williams wins his current “costly and divisive” proxy fight and returns as CEO. The 32-year-old, multifamily development company was founded in suburban Sandy Springs, GA by Williams in 1971.

The former CEO resigned July 1, 2002 and endorsed Stockert for his position. However, later Williams criticized Stockert’s effort to increase the company’s performance. Williams says he and five new directors he is sponsoring can return the company to profitability.

The April 23 letter to shareholders warns them that “nothing less than the future of your company and the value of your investment is at stake” at the May 22 annual shareholders meeting in Downtown Atlanta. “We urge you to act now to protect the value of your shares” by signing, dating and mailing in a white proxy card, the letter says. It also warns shareholders to disregard Williams’ gold proxy card.

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