Sotheby's said Thursday that it has rejected the three board candidates of its largest shareholder, activist investor firm Third Point, and named two new director candidates of its own.
The hedge fund made the nominations, which included Three Point's founder and CEO Daniel Loeb, in late February. At the time, Third Point said it was suggesting its own nominees because current board members "lack the fresh perspective necessary to overhaul the company's challenged operational structure and cure its cultural malaise."
On Thursday, Sotheby's said in a letter to shareholders that the three nominees, which also include Olivier Reza and Harry Wilson, "add no relevant skills, experience or expertise that is not already effectively represented on the board." It nominated two new directors, Jessica Bibliowicz — a financial executive and the daughter of former Citigroup CEO Sandy Weill — and Kevin Conroy, who has worked at AOL and Univision. Sotheby's said that including them, 10 of its 12 board nominees would be independent directors.