Daniel Loeb Calls for Resignation of Sotheby’s Head William Ruprecht

October 2nd, 2013

Daniel Loeb, via ForbesHedge Fund Billionaire Daniel Loeb has gone on the offensive towards Sotheby’s Auction House today, calling for the resignation of company chairman, CEO and president William Ruprecht for his alleged lack of leadership and excessive pay.  Loeb recently became a leading stock holder in the auction house with his activist investment firm Third Point, and many forecast that he will use his position to force major changes in Sotheby’s operating model.   “Our research suggests Sotheby’s crisis of leadership has created dysfunctional divisions and a fractured culture. There is a demoralizing recognition among employees that Sotheby’s is not at the cutting edge,” Loeb writes in an open letter.Read more at Forbes