Third Point targets the Phoenix Cos
| July 22nd, 2008 |
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| Daniel Loeb of Third Point has targeted The Phoenix Cos, an insurance
company. He has called for the removal of its CEO, Dona Young. He
believes that Ms. Young is responsible for the company's
underperformance and has sighted her work as a member of the board for
the struggling Wachovia Corp. The company has increased it stake in
Phoneix to 8.7% up from 6.8% and has filed a 13-G. It has threatened
to oppose the re-election of any board member that supports Ms. Young
as CEO; her contract expires this year. In addition it has said that
it will oppose her re-election to member of the board in 2010. It
has also stated that Phoenix's independence is detrimental to the
shareholders and has supported a merger with another insurer. |
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For Detailed Investor Profiles on these Investors, click below: |
| James L. Carruthers; | Robert Schwartz; | Tim Lash | | Third Point Opportunities Master Fund LP; | Third Point Resources LP; | Third Point Ultra Master Fund LP; | Third Point Ventures | More Recent Headlines
