Sotheby’s Fires a Broadside on Board Fight

Sotheby’s May Board of Director’s meeting is going to be a head to head battle between activist shareholders and management. Today, management laid out its case nominating Jessica Bibliowicz and Kevin Conroy for board seats. Bibliowicz is the daughter of Sandy Weil and a former financial CEO; Conroy is an executive at Univision. They will replace Stephen Dodge and Michael Sovern.

In addition, Sotheby’s made its case directly to shareholders in a letter with these highlights distributed for the press:

Sotheby’s Has the Right Plan and the Right Team to Continue Building Sustainable Value for Shareholders and Clients

Sotheby’s Concludes Third Point’s Nominees Add No Relevant Expertise Not Already Represented on the Board of Directors

Sotheby’s is a market leader with superior shareholder returns and record results.

Sotheby’s benefits from a solid financial foundation appropriate to the needs of the business.

Your Board has the strength, diversity, experience and qualifications to continue to provide effective and independent oversight and direction.

Your Board is committed to sound corporate governance policies and practices.

Sotheby’s has engaged frequently with Third Point and other shareholders, and your Board is committed to doing what is in the best interests of ALL Sotheby’s shareholders.  We believe shareholders should question whether Mr. Loeb will do the same – putting ALL shareholders’ interests first.

Sotheby’s Board has concluded that Mr. Loeb’s nominees add no relevant skills, experience or expertise that is not already effectively represented on the Board.

Sotheby’s has the right Board, the right leadership team and the right strategy in place to deliver value for ALL Sotheby’s shareholders now and over the long term

The full text of the letter can be downloaded below. The announcement of the nominees follows:

13 March 2014 Nominees to Board of Directors 13 March 2013 Open Letter to Shareholders

13 March 2014 Nominees to Board of Directors