Third Point LLC Investor Daniel Loeb Inserts Self On Sotheby’s Board

Investor Daniel Loeb has said he plans to nominate himself and two others to the board of Sotheby’s Inc. as part of a bid to push the auctioneer to focus more on making itself competitive. Loeb’s fund, Third Point LLC, is the biggest investor in Sotheby’s with a nearly 10 percent stake, has been pushing for Sotheby’s to remove its CEO since October, and hopes to make inroads against main rival Christie’s. Sotheby’s said it is “disappointed that Third Point has chosen this path,” but after extensive talks with Third Point over the past months to avoid a proxy battle, has offered to appoint Loeb to its board.