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Stock Market & Financial Investment News

News Breaks
October 2, 2013
10:19 EDTBIDDan Loeb boosts Sotheby's stake, tells CEO to step down
Dan Loeb's Third Point reported an increased stake of 9.3% in shares of Sotheby's and disclosed a letter sent to the company's CEO William Ruprecht. The letter stated in part, "Notwithstanding Sotheby’s recent efforts – a belated announcement partially addressing poor capital allocation practices and the hiring of a new Chief Financial Officer – we remain concerned about its leadership, shareholder misalignment, strategic direction, and Board governance...In particular, we are troubled by the Company’s chronically weak operating margins and deteriorating competitive position relative to Christie’s, as evidenced by each of the Contemporary and Modern art evening sales over the last several years...Third Point is not only Sotheby’s largest shareholder but also has significant experience and a successful track record of serving on public company boards. I am willing to join the board immediately and help recruit several new directors who have experience increasing shareholder value, share a passion for art, understand technology and luxury brands, or have operated top-performing sales organizations...It is also time, Mr. Ruprecht, for you to step down from your positions as Chairman, President and Chief Executive Officer and for the role of Chairman to be separated for your successor." Shares of Sotheby's are up 17c to $49.88 following Third Point's filing with SEC.
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July 18, 2014
14:29 EDTBIDSotheby's board approves restructuring plan, sees $13M related charge in Q3
Sotheby's disclosed in a regulatory filing that on July 16, 2014 the executive committee of the company's board of directors approved a restructuring plan principally impacting Sotheby's operations in the United States and the United Kingdom. The restructuring plan is the result of a strategic review conducted by management and will result in the reallocation of resources to collecting categories and regions with the highest growth opportunity in the future. The restructuring plan is expected to result in employee-related restructuring charges in the range of approximately $13M recognized in Q3 and the corresponding headcount reductions are expected to be fully implemented by the end of 2014. "Sotheby’s will provide specific guidance on the anticipated cost savings in due course; upon full implementation, management expects a net benefit to Sotheby’s cost base as a result of this restructuring plan and resource reallocation," the company said.
06:39 EDTBIDSotheby's planning to lay off 'modest' number of global workforce, WSJ reports
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