Third Point in Sotheby’s row
ACTIVIST investor Daniel Loeb’s Third Point has called on Sotheby’s chief executive to step down after the hedge fund became Sotheby’s largest shareholder.
Third Point – which last month campaigned unsuccessfully for Sony to spin off part of its entertainment division – holds a 9.3 per cent stake in the brokers and said it would seek to replace Sotheby’s chief executive William Ruprecht once Loeb gains a seat on the company’s board.