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Third Point Adds To Phoenix Cos. Stake
July 22, 2008
Third Point is turning up the heat on insurer The Phoenix Cos., which the activist hedge fund is pushing to dump its CEO.
The New York-based hedge fund has boosted its stake in Phoenix to 8.7%, it said in a regulatory filing Friday. Earlier this month, Third Point disclosed a 6.8% stake in the Hartford, Conn.-based insurer.
The $5.5 billion hedge fund has called for the ouster of CEO Dona Young, calling on the firm’s board to hold her “accountable for the company’s underperformance and seek new leadership.” Third Point has threatened to oppose the reelection of any director who votes to approve a new employment contract for Young.
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