Financial History Issue 119 (Fall 2016) | Page 25

had occurred at another company the prior year . Kelekian told The New York Times , “ I can no longer be associated in the capacity of an officer with anyone who indulges in the undignified histrionics of Mrs . Soss with an eye strictly to personal publicity .”
Always conscious of publicity , the very next day , Soss had her side of the story captured by the Times . She defensively claimed that Kelekian had not been able to devote as much attention to the Federation as she had in the past , and that Kelekian already had decided to step down prior to the IBM incident , in part because she had a conflict of interest .
Disregarding the fact that some were displeased with her tactics , Soss continued to get herself deliberately ejected from annual meetings . After being declared out of order at another IBM annual meeting , this one in 1971 , Soss for the second time was dragged out of the auditorium by Pinkerton guards . Two of the guards , according to The Wall Street Journal , complained that Soss had scratched their hands as they whisked her away .
In this way and others , Soss tried her best to embarrass management in a variety of industries into making reforms . As The New York Times later recounted , she wore a cleaning woman costume to the Columbia Broadcasting System ( CBS ) annual meeting in 1969 , determined to “ clean up everything ,” as she said while referencing the network ’ s quiz show scandals .
Chief executive officers winced at seeing Soss show up to their meetings . As New Yorker columnist Andy Logan once wrote , “ There are undoubtedly a number of captains of American industry who wouldn ’ t care what Mrs . Soss wore if she would just stay away .” Soss ’ s boardroom antics challenging management were reportedly the inspiration in the 1950s for a Broadway musical , Solid Gold Cadillac ,
which in 1956 was made into a movie starring actress Judy Holliday .
In addition to her work as a corporate gadfly , Soss also helped fight financial illiteracy , in part by serving as commentator and financial analyst for a popular weekly radio show on NBC . From 1954 to 1975 , Soss wrote and delivered “ Pocketbook News .” Then , from 1975 to 1980 , she hosted “ Wilma Says .” In these radio shows , Soss sought to help investors better understand how foreign and domestic events influenced the financial markets .
When Soss died in 1986 , some corporate titans were among those who lamented her passing , even though she had been at times a contentious presence at their annual meetings . For example , Soss had pestered for years the management of The New York Times Company , but upon her death , Chairman Arthur Ochs Sulzberger extolled her . Commenting in The New York Times , Sulzberger noted that Soss had during her life “ represented the small shareholders with dignity , pride and courtesy .” He continued , “ Sometimes we may have grown a mite impatient with her long lists of questions , but she never provoked dismay or anger . I think her voice will be missed , and we will miss her personally .”
Soss ’ s old friend and fellow activist John J . Gilbert also was quoted as saying , “ Her training as a publicist stood her well as a gadfly .” He added , “ I don ’ t think anyone ever had a better way of bringing things out .”
Wilma Soss remained a vigorous champion of shareholder rights right up to her death , having attended an annual meeting just months before she died . In the arena of shareholder democracy , Soss found her life-time calling and her passion . She was queen of the corporate gadflies , and she enjoyed a long reign .
Janice Traflet is an associate professor in the School of Management at Bucknell University and the author of A Nation of Small Shareowners ( Johns Hopkins , 2013 ).
Author Acknowledgement : For generously sharing archival research on Soss , as well as thoughts on her life , the author extends sincere thanks to Robert E . Wright .
Sources Brooks , John . “ Stockholder Season .” The New
Yorker . October 8 , 1966 . pp . 159 – 189 . Census of Shareowners in America . New York
Stock Exchange Archives . 1976 . “ For Love .” The New Yorker . April 24 , 1954 . pp . 25 – 26 .
Forbes , B . C . “‘ Share Owner ’ Better Than ‘ Stockholder .’” Forbes . December 1 , 1950 . pp . 12 – 13 .
“ IBM Shows Canada an American Meeting , Mrs . Soss and All .” The Wall Street Journal . April 27 , 1971 . p . 33 .
Logan , Andy . “ Hoboken Must Go !” The New Yorker . March 17 , 1951 . pp . 34 – 51 .
Norman , Michael . “ Wilma Porter Soss , 86 , A Gadfly at Stock Meetings of Companies .” The New York Times . October 16 , 1986 . p . B20 .
Popper , Nathaniel . “ Corporate Governance ; Pesky Investor Activists Gain Influence …” The Los Angeles Times . August 24 , 2010 . p . B1 . “ Pressure Group .” The New Yorker . June 25 ,
1949 . p . 15 . “ Sidelights : Assistant Gadfly Leaves Queen .” The New York Times . May 5 , 1966 . p . 70 . “ Sidelights : Chapter II : Reply by Mrs . Soss .” The New York Times . May 6 , 1966 . p . 70 .
Wilma Soss Papers . University of Wyoming , American Heritage Center . ( Images on pages 22 – 23 from Wilma Soss Papers .)
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