Publix supermarket stock services

Usually a happy corporate pep rally, Publix Super Markets' annual shareholders meeting April 12 could turn into a more testy affair. A group of dissident shareholders this week launched a write-in campaign to elect its own slate of nine directors to replace a board dominated by five heirs and relatives of chain founder George Jenkins.

One of the group's aims: The chances of upsetting the balance of power at the nation's largest employee-owned company appear remote. Dissident shareholder campaigns seldom succeed at more than putting pressure on management to change policies.

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And last year, holders of 5. None of the write-in candidates appeared to be employees, according to Publix officials, and a reporter's e-mails to the group — Publix Employee Shareholders United — drew no response. While the campaign's presence has been confined to a news release and a page on Facebook, that alone was enough to generate lots of buzz Wednesday on stock and retail industry blogs.

After all, Publix is the nation's fourth-largest supermarket chain, and investment bankers for years have lusted over the possibility of underwriting a public offering. There may be a short-term gain for shareholders, but long term, others would begin milking the company and those rewarded would not be the people who stock the shelves or bag the groceries.

Founder George Jenkins gave 85 percent of the company's shares to its employee stock ownership plan. His heirs and other insiders control the rest. The shares are currently traded privately and can be cashed in, usually when leaving the company, only by selling them back to Publix.

The company uses an independent analyst to set share value, which is based on the company's financial performance and the stock prices of other big supermarket chains.

The dissidents want to enhance the value of Publix stock and make it easier to cash in shares. Standard ways to do that are to take the company public or sell a chunk of the company to private investor groups.

That would dramatically alter an ownership structure the Jenkins heirs see as more than part of George Jenkins' legacy. It is the linchpin behind the company's industry-leading ratings as best in customer satisfaction for nine years, and 14 years on Fortune 's list of the best workplaces in the country.

Jenkins said "never be greedy with the employees who made you successful" when he cut the employees in on ownership. Also at the Publix shareholders meeting: Shareholders decide whether to make permanent their first "advisory vote" on compensation paid to top management.

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Could Publix Super Markets go public? Wednesday, March 16, Deccan Spice has opened at Ulmerton Road, in what used to be the elegant and vast Grand Siam space in Feather Sound.

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