Dan Loeb Wants Sothebys’ CEO To Quit

Dan Loeb's Third Point LLC has upped its stake in Sothebys (NYSE:BID) to 9.3 percent, and the hedge fund manager is looking for seats on the company's board. The story, which was broken by The Wall Street Journal this morning, signals the start of what could be another long activist run from Loeb. According to a letter penned by Loeb and released this morning, Third Point wants to see the company's chairman removed.

Third Point LLC disclosed this morning that it had raised its stake in Sothebys (NYSE:BID) to 9.3 percent from 5.7 percent in...