Tuesday, 30 September 2014
Last updated 12 min 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...