By BobbyIt is a requirement that if you own interest in companies being discussed, you must disclose them when they are being discussed. In light of the November 2008 incident published in a British tabloid involving the use of drug paraphernalia by Olympic swimming legend Michael Phelps, which took place near my home, and around the time he visited a football game of my alma mater, Kellogg's terminated its deal with Mr. Phelps. As a shareholder of Kellogg's, I have released a statement about the termination of its contract termination with Mr. Phelps:
Obviously, Mr. Phelps' conduct while in South Carolina during his visit in the area around the Arkansas football game November 7-8, 2008, as a guest of a few friends in school was highly inappropriate. His actions with the use of illegal drugs that are not permitted under the World Anti-Doping Agency (WADA) is also improper and should have resulted in an instant two-year suspension under regulations of Fédération internationale de Natation Amateur (FINA). It is proper for Kellogg's to terminate his deal and I recommend all boxes carrying a picture of Mr. Phelps be immediately recalled.
I applaud the management, Board of Directors, and other staff at Kellogg's for doing this. It should be a statement that a drug abuser such as Mr. Phelps should be canned when the firm recently signed a 50-year old Batesville, Arkansas automobile dealer who has been the epitome of fitness be used to promote the products of a fine company of which I am a shareholder.
This type of drug behaviour with illegal drugs is inappropriate and a bad role model. This conduct will not be tolerated by me, and I applaud Kellogg's for taking this stand.