Sunday, 19 April 2015
Last updated 20 hours ago
Jun 12 2014 | 9:55am ET
Daniel Loeb has changed his tune on Sotheby’s CEO William Ruprecht.
During an ugly, months-long battle with the auction house that ended last month, Loeb repeatedly blasted Ruprecht’s “lack of leadership and strategic vision” and demanded that he step down. Now, as a member of Sotheby’s board, Loeb is standing with his fellow directors “behind the management team led by Bill Ruprecht.”
The about-face came in a letter to Sotheby’s employees signed by the company’s entire board, including Loeb and two other Third Point-picked directors. The new board was formally installed late last month, after Sotheby’s agreed to give the hedge fund three seats to avoid a proxy contest.
The memo called the new board’s first meeting “constructive and collaborative,” and said the group would meet again in August to focus “on improvements to realize Sotheby’s full potential in a highly competitive market.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…