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A group that includes former Securities and Exchange Commission Chairman Roderick M. Hills, former U. S. Atty. General Elliot L. Richardson and San Diego Economic Development Corp. Chairman George W. Leisz has begun a proxy fight aimed at unseating five of San Diego-based Oak Industries' eight board members.
The dissident group, which calls itself the Committee to Improve Shareholder Value of Oak Industries Inc., will sponsor a board slate that would be "independent" of current Oak Chairman E. L. McNeely, according to a prepared release issued Tuesday by Hills.
Hills, nominated to Oak's board by McNeely in 1985, said it is "unfortunate that . . . my frustration with the direction of the company...