Loeb Doubles Sotheby's Stake, Calls For CEO's Ouster

Law360, New York (October 2, 2013, 3:41 PM EDT) -- A month after disclosing a stake in Sotheby's, activist Dan Loeb called for the ouster of William Ruprecht as the chairman and CEO of the renowned auction house, saying Wednesday the company has missed opportunities in modern art by clinging to the classics.

Loeb's hedge fund, Third Point LLC, has nearly doubled its stake to 9.3 percent. Citing weak financial performance, a failure to conquer new markets in Asia and the Middle East and ground lost to rival Christie's, Loeb said change is needed to right...
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