Friday, 29 August 2014
Last updated 15 hours ago
Mar 14 2014 | 12:37pm ET
Sotheby’s has dismissed the three director candidates proffered by Third Point and offered a pair of independent candidates of its own.
The auction house said it had reviewed Third Point’s nominees, which include Third Point founder and frequent Sotheby’s customer Daniel Loeb, and found them wanting. They “add no relevant expertise not already represented on the board of directors,” Sotheby’s told shareholders.
Instead, the company urged its investors to vote for its candidates, Jessica Bibliowicz and Kevin Conroy. The former is a senior adviser to Bridge Growth Partners and the daughter of former Citigroup Chairman Sandford Weill, and the latter is a senior executive at Univision Communications.
Sotheby’s also said its board had unanimously rejected Loeb’s proposals for the company, which included a focus on increasing its “chronically weak operating margins” and on modern and contemporary art. Loeb has also called for the ouster of CEO William Ruprecht.
“Under the leadership and guidance of your board of directors, Sotheby’s has delivered strong financial performance and superior shareholder returns, including a total shareholder return of 32.5% over the last year,” Sotheby’s wrote.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...