New Additions to Sotheby’s Board

Sotheby’s has announced that investor and Third Point CEO Dan Loeb will join its board of directors, reports Dan Duray of GalleristNY. Former investment banker Olivier Reza and restructuring expert Harry Wilson will also join the board. “We welcome our newest directors to the board and look forward to working with them, confident that we share the common goal of delivering the greatest value to Sotheby’s clients and shareholders,” said Bill Ruprecht, chairman, president, and chief executive officer of Sotheby’s. “This agreement ensures that our focus is on the business and that we will benefit from five fresh voices and viewpoints,” which also include the previously announced additions of two new director candidates, Jessica Bibliowicz and Kevin C. Conroy. The news comes after Third Point, the auction house’s largest shareholder, sued Sotheby’s over its one-year shareholder rights plan, which capped Sotheby’s share ownership at 15 percent. Per the agreement, the hedge fund has agreed to drop its proxy contest as Sotheby’s terminates its rights plan. Third Point currently has a 9.6 percent stake in the auction house.