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Will you go public, or get kicked out of your company? Find out below!
AP Photo/New York Stock Exchange
Dan Loeb’s Third Point Partners is demanding Sotheby’s open up all three board seats the $14 billion hedge fund is seeking. At this point, Sotheby’s is only offering one seat for Loeb, and the stock has fallen more than $3 per share in just over 24 hours.
Steve Marcus / Reuters / Reuters
Hedge fund titan Dan Loeb won't settle for getting 33% of what he wants. That's what Sotheby's is giving the $14 billion Third Point Partners head after he requested three seats on its board as a 9.5% shareholder in the auction house. At least, for now.
The market appears to have rallied behind Loeb's activist cause, with shares of Sotheby's opening Friday at $48.29, more than $2 below where they closed yesterday, and finishing at a penny over $47 per share to end a tumultuous week.
It all started Thursday, when Loeb's fund announced it was seeking the board seats as a result of what Loeb believes is a mismanaged company whose "competitive position" is in dire need of enhancement, according to Third Point's filing with the Securities and Exchange Commission.
Loeb proposed adding himself and two others to the board: Olivier Reza, a luxury jeweler executive from Paris, and Harry Wilson, chairman and CEO of boutique restructuring company MAEVA Group. But Sotheby's balked at the request of its largest shareholder to take over a quarter of its 12-person board, which is led by William Ruprecht, the Sotheby's Chairman and CEO.
In a subsequent filing, Loeb fired back, stating that Sotheby's, which had expressed a strong desire to avoid a proxy battle with Third Point, was hurting its own cause in only granting the hedge fund manager one seat and ignoring his other two directorship requests.
"[Sotheby's] was always well aware of Third Point's insistence on multiple seats, and so its offer of a single seat was not, in our opinion, a serious attempt to forge a settlement that would avoid a proxy contest," the letter states, with Third Point showing no signs of backing down. "With that conclusion in mind, we look forward to continuing to work constructively with Sotheby's towards a newly reconstituted Board."
The Wall Street Journal says the Japanese company approached private-equity-owned J.Crew about a potential purchase this week, citing a person familiar with the matter. Updated with Fast Retailing’s U.S. ambitions.
Sara Bauknecht/Pittsburgh Post-Gazette / MCT
Japan's Fast Retailing Co., the owner of Uniqlo, is said to be in talks to purchase J.Crew for as much as $5 billion, according to the Wall Street Journal, as Chief Executive Tadashi Yanai continues his quest to run the world's biggest apparel company by 2020.
J. Crew's management was approached about a potential deal earlier this week, though the chain is looking for more than that amount, the Journal reported, citing a person familiar with the matter.
The preppy apparel retailer that counts First Lady Michelle Obama among its customers was bought by private-equity firms TPG Capital and Leonard Green & Partners in 2010 for almost $3 billion. Growth has boomed since then, and its owners appear to be looking to cash out, with Bloomberg News reporting this week that the retailer is interviewing banks for a potential initial public offering later this year.
Still, the idea of an IPO raised some eyebrows — Chief Executive Officer Mickey Drexler, who made his name running the Gap during the '90s, has described running a public company as akin to having "a gun to your head."
Buying J. Crew would be a way for Fast Retailing, which owns Helmut Lang and Theory in addition to Uniqlo, to get a major foothold in the U.S. market, which it's intent on cracking. While Fast Retailing has grand plans for Uniqlo, the chain has a long way to go before it can compete with the likes of Gap and other mall stores.
Fast Retailing has said it's targeting $10 billion in U.S. sales for Uniqlo by 2020 and $50 billion globally, but as of last month, there were only 17 Uniqlo locations domestically, with five more planned through this spring and summer. Overall, Fast Retailing's annual revenue is roughly $11.6 billion, compared with $2.4 billion at J. Crew.
The deal is "at an early stage and could collapse in coming days," according to the Journal report.
Rumors about Fast Retailing buying a major American brand have swirled in the past — it has even considered the Gap, according to numerous reports, which makes $16.1 billion in annual sales. The Journal noted in a report last April that Fast Retailing's Yanai has "expressed interest in Gap so many times in the past with little follow-through that they have stopped taking him seriously."
The chain has also reportedly made bids on Barneys New York and Intermix in the past, ultimately losing out on the purchases because of Yanai's exacting nature on price. According to last year's Journal report, Yanai has modeled much of Uniqlo's aesthetic on Gap's look in the '90s, when Drexler was running the chain, referring to Drexler as "professor" when the two met in Tokyo. For a period, he even decorated his office with a photo of them together, according to the report.
Update — Feb. 28, 5:33 p.m. ET: Adds detail on Fast Retailing's global ambitions and past deal-making record in the U.S.
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The firm said it had taken a 18.5% loss on its relatively small stake. “It’s going to be worth a lot,” the fund’s co-chief investment officer Michael Novogratz said in October.
Jim Urquhart / Reuters / Reuters
Mt. Gox, the Japan-based firm that used to run the world's largest Bitcoin exchange, declared bankruptcy Friday amid its loss of $473 million worth of its customers' bitcoins. The day before, the largest and most mainstream investor known to have an interest in Bitcoin reported a small loss on its stake in the digital currency.
Fortress Investment Group disclosed today in a securities filing that the company had a $3.7 million loss on its holdings of Bitcoin. The company reported that the $20 million worth of Bitcoin that it had purchased in 2013 was worth $16.3 million at the end of the year. The Bitcoin loss, which hasn't been realized because the company still owned the Bitcoin at the end of the year, is a drop in the bucker for the investment giant, which manages $62 billion worth of assets and had pretax earnings of $434 million for 2013.
Michael Novogratz, Fortress' co-chief investment officer, is one of the most high-profile Bitcoin boosters in the investment world. In October, when Bitcoin was trading at $210, he told an investment conference, "Put a little money in Bitcoin ... Come back in a few years and it's going to be worth a lot." He also said that his own personal Bitcoin position was "little" but that he was still "smiling that it doubled."
Today Bitcoin is trading at $563, according to an index constructed by the Winklevoss brothers, who are major Bitcoin investors. While the price of one Bitcoin rose over $1,000 by early December, it was trading at around $760 at the end of the year.
Fortress isn't the only mainstream Bitcoin investor to report losses on its holdings recently; the $48 million Bitcoin Investment Trust, operated by SecondMarket, is down 30% in the last month (but is still up 345% since its founding in late September). Fortune's Dan Primack reported late last year that Fortress was "prepping its own Bitcoin fund, which will likely be much larger than the SecondMarket offering." Fortress is yet to announce such a fund and a Fortress spokesman did not respond for a request for comment.
Correction: Fortress made its annual report yesterday, not today.
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Apple makes nearly half a million dollars for each of its 80,300 employees, by far the most of any company on the list.
Chris Ritter/BuzzFeed
A company's revenue is not unlike a movie's box office gross — it has nothing to do with profitability. While revenue is the figure that usually grabs the headlines, what a company actually earns is what remains after the costs of goods, expenses, and taxes are subtracted. Profitability is, in essence, a measure of how efficiently a company operates.
Using data culled from their most recent 10-K reports, we looked at how efficiently some of the biggest media, entertainment and technologies companies are run as a measure of profitability per employee. To get the figure, we simply divided the fiscal year 2013 net income a company reported in its 10-K (companies end their financial years at different times, some in June, some in September, some in December) by the number of employees it reported.
The results were surprising even to us. We already knew that Apple made a lot of money, but nearly half a million dollars for each of its 80,300 employees is still awe-inspiring. The fact that Rupert Murdoch's 21st Century Fox collects more for each of its employees than Google, Facebook, and Microsoft is a testament to the money-making power of cable networks and the fact that Murdoch runs a very lean organization. Similarly, Comcast and Disney are two of the biggest revenue-generating companies in media, but because their workforces are so large (136,000 for Comcast; 175,000 for Disney) they rank at the bottom of the list.
Here's a breakdown of the results from most money made per employee to least money made per employee:
Stephen Lam / Reuters
Apple spent much of 2013 fending off an attack from activist investor Carl Icahn over stock buybacks and questions from investors about its new product pipeline. Still, the company reported net income of $37 billion on revenue of $171 billion at the end of its 2013 fiscal year in September. The company said that as of Sept. 28, 2013 it had 80,300 "full-time equivalent" employees.
After Nelson Peltz’s Trian Fund Management released a white paper making the case for a spin-off of the snack division of PepsiCo, which accounts for most of the company’s value, PepsiCo fired back with a strong rejection of the proposal. Your move, Peltz.
Cases of Pepsi are displayed for sale in Carlsbad, Calif. on Feb. 7, 2012.
Mike Blake / Reuters / Reuters
You could call it a battle over biscuits. Famed private equity investor Nelson Peltz's Trian Fund Management has renewed its crusade from last summer to agitate a break up of the snack division of PepsiCo. A white paper Peltz released last week urges the PepsiCo board to act before the stock, currently trading around $79 per share, loses any more value.
But PepsiCo isn't buying the idea that Peltz's theories will make for a more profitable beverage or snack division. It fired back at the Trian proposal late Thursday with a letter, the opening sentences of which do not mince words.
"Your letter of February 19, 2014 has been received and shared with the entire PepsiCo board and its management," wrote PepsiCo presiding director Ian Cook. "I am writing to advise you that the board and management are comfortable and in complete alignment in rejecting your proposal."
So what exactly does Peltz, a $1.2 billion shareholder in PepsiCo who has been "extremely concerned about PepsiCo's extended period of underperformance relative to its food and beverage peers" for quite some time, want? Mostly, a beverage division that will be able to compete with Coca-Cola, which PepsiCo continually has failed to do, and a snack division that creates the most "synergies" and management effectiveness.
Peltz's argument is relatively simple: by having both beverages and snacks, which account for the majority of PepsiCo's value, under one corporate umbrella, the company is hindering the growth potential of both divisions. Mainly, Peltz appears to be concerned with the beverage side of the equation, noting that PepsiCo has lost marketshare to Coca-Cola in seven out of nine major beverage categories in North America over the last three years. He also believes PepsiCo has had numerous "blunders" in recent years, citing Pepsi Max, Gatorade, SoBe, and Tropicana as examples, among others.
But for now, PepsiCo appears to be holding its ground. Its letter asserts Trian's research is selective and "misused" and does not properly paint a picture of the most successful PepsiCo brand.
"Our board and management team are confident in the thoroughness of this analysis and in the conclusion that PepsiCo's value is maximized as an integrated food and beverage company," Cook's letter states. "We trust that you appreciate the seriousness with which we have examined your observations and proposal and the firmness with which we reject the proposal to separate the businesses. In short, the board and management have concluded that the financial engineering you propose erodes value for shareholders rather than creates value."
Charles River Ventures has quietly emerged as a venture capital force in Silicon Valley.
CRV partner George Zachary
Charles River Ventures
In the fall of 2008, during the height of the financial crisis, raising venture capital to fund your startup amounted to a fool's errand. But PayPal alumnus David Sacks is no fool, and he knew exactly who to tap to get his new messaging service off the ground.
That service was Yammer, and the person Sacks tapped for both money and advice was George Zachary, a partner at early stage venture capital firm Charles River Ventures. In return for its tiny financial investment and strategic advice, CRV was repaid with a handsome profit after Microsoft bought Yammer in 2012 for $1.2 billion.
Named after the Charles River in Boston, CRV has quietly emerged as a real force in Silicon Valley on par with better known and more established venture capital firms such as Kleiner Perkins Caufield & Bayer or Greylock Partners. The firm, which moved most of its operations to the Valley a decade ago, has strung together a series of high-profile exits to go along with Yammer. In 2003, almost a quarter of their portfolio was west coast-based, and most of the partners were on the east coast — it's now nearly 60%, and most partners are on the west coast.
"The market perception, especially here or in San Francisco, is that we're not there," CRV partner Izhar Armony said of the view of his firm's place among the Valley giants. "But results-wise, we're definitely in that group."
CRV — as the firm is known around Sand Hill Road, the Menlo Park, California expanse that hosts the most powerful venture capital firms in the world — is poised to continue its streak this year, with evidence emerging that its early bet on Zendesk is about to pay off big in the form of a potential IPO of the enterprise software maker. It also recently landed an investment in Pebble, a fast-growing smart watch startup.
"Unicorn" exits, or sales or IPOs of venture capital-backed companies in excess of $1 billion, are exceedingly rare. According to CB Insights, 68 investors were able to capture at least one billion-dollar exit in the past decade ending November 21, 2013. That number falls to 17 for two exits, and continues to shrink.
Three firms — Sequoia Capital, Greylock Partners, and New Enterprise Associates — were able to score eight "unicorn" exits each (or 24 total) according to that report in the last decade, a phenomenal track record of consistency. Sequoia Capital recently had one of the largest exits in venture capital history after Facebook bought WhatsApp for $19 billion.
CRV is not far behind those firms, though, with "unicorn" exits, included among them Twitter (IPO), Yammer (sale), Millennial Media (IPO), Equallogic (acquired by Dell for $1.4 billion) and Netezza (acquired by IBM for $1.7 billion). Zendesk will likely up CRV's tally closer to that of Sequoia and Greylock when it eventually goes public.
CBInsights / Via cbinsights.com
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In front of the Senate, the Federal Reserve chair said there has been “demonstrable improvements” in ending government bailouts for the country’s largest banks.
In testimony today in front of the Senate Banking Committee, newly installed Federal Reserve Chair Janet Yellen faced questioning from Massachusetts Senator Elizabeth Warren on the issue that has been dogging financial regulators since the financial crisis: can the country's largest banks fail without taking down the economy or requiring massive government assistance to keep them afloat?
Elizabeth Warren, who's known for her tough questioning of financial regulators and economic policy officials asked Yellen, "what evidence do you need to see to declare with confidence that 'too big to fail' has ended?"
The question comes more than three years since the Dodd-Frank bill was signed, which was supposed to institute new rules that would make banks less risky and put in place a procedure whereby regulators could resolve a failing megabank without bailing out its lenders and shareholders. Since the financial crisis, the six largest banks, which all received some level of government support, have only grown in size. The largest banks received hundreds of billions of direct investments and cheap loans from the federal government during the financial crisis to help keep them afloat.
Despite much of the bill having come into force, most regulators and experts doubt that "too big to fail" is really over — a few weeks ago, Daniel Tarullo, the member of the Federal Reserve Board of Governors in charge of regulation and bank supervision said that more needed to be done to reduce the risk of massive bailouts.
Yellen said that no one would know if a megabank like JPMorgan or Citi could survive a collapse without risking the health of the entire economy, "until it's been tested in some way." She pointed to likely future efforts by the Fed that would erode any implicit subsidy for a megabank, including making it more expensive for the largest banks to maintain a large level of assets, assessing what's known as a capital surcharge.
The logic behind such a policy would be to erode the advantage the largest banks get from their lenders because of the perception that they will be bailed out by the government if they run into trouble. Many proponents of stricter bank regulation say that such an advantage, which could be as much as $83 billion a year, is functionally a subsidy that flows directly to only the largest and most dangerous banks.
"So long as the markets believe that 'too big to fail' has not ended," Warren said, "do we still have a 'too big to fail' problem?"
"The markets may think that we will rescue such an institution and may not end up believing us until we put it through resolution," Yellen responded, "so we can't guarantee that they an appropriate view of how we'll handle such a situation."
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The teen retailer’s stock jumps after exceeding analysts’ low expectations for the fourth quarter, but its stores are still struggling mightily in the U.S. and Europe.
On the surface, Abercrombie & Fitch seems to have aced earnings today — cost cuts helped it crush analysts' expectations for adjusted profit in the fourth quarter, sending shares soaring by more than 10%. The announcement of a big stock buyback didn't hurt.
But looking more closely at the numbers, a less rosy picture emerges. For one, sales at stores open a year or more plummeted 16% in the quarter, the ninth straight quarterly plunge, and 16% for the year, with Abercrombie anticipating another decline "in the high single digits" for 2014. Even with the benefit of a booming online business and sales from new stores, annual revenue shrank by about 9% to $4.12 billion from $4.51 billion, in a year that was admittedly difficult for teen retailers across the board.
Chief Executive Officer Mike Jeffries, in a conference call with analysts, cited "a challenging retail environment, particularly in the teen space," adding that "the significant decline in store traffic that began in July continued through the holiday season and as yet has shown no sign of abating."
Still, Abercrombie and Hollister store sales in the U.S. have been falling for longer than that, with many contending that the pricey namesake brand in particular has lost its luster with teens. While the CEO told analysts in November 2012 that "the notion that our U.S. business has been in decline is just nonsense," the company has closed 220 American stores since 2010, with plans to shutter another 60 to 70 this year. Even European locations are faltering due to high unemployment. In the meantime, Abercrombie says business in Asia, especially China, is booming, and it plans to open additional namesake and Hollister stores there and in the Middle East. The retailer has roughly 1,000 stores, 843 of which are in America.
When factoring in pre-tax charges mostly tied to shuttering the Gilly Hicks teen lingerie chain and revaluing 97 stores, Abercrombie's net income for the year was $54.6 million from $237 million in 2012. The company's adjusted net income was much smaller than last year, but not as bad: $150.6 million for 2013 compared with $241.6 million in 2012.
Still, Abercrombie says it has big plans for improving business this year, from hiring presidents for its namesake and Hollister chains to further differentiate the two brands to improving fashions on the women's side of the business and lowering prices. Executives didn't discuss the company's battle with hedge fund Engaged Capital, which just nominated five new directors to Abercrombie's board and has been pushing for the ouster of 69-year-old Jeffries.
Via abercrombie.com
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“It certainly was,” said Senator John McCain while grilling Credit Suisse officials about the bank assisting U.S. citizens hide billions from tax authorities.
Denis Balibouse / Reuters
The Senate Permanent Subcommittee on Investigations concluded in a massive report released yesterday that Credit Suisse, the global bank based in Switzerland, helped thousands of U.S. residents hide billions of dollars worth of assets from American tax authorities between 2001 and 2008. On Friday, Credit Suisse paid a $196 million fine to the Securities and Exchange Commission for failing to properly register American clients who got brokerage and other services in Switzerland.
One of the more cinematic details in the exhaustive report is the mention of a Credit Suisse branch maintained in the Zurich Airport, designed to serve U.S. customers who would come to Switzerland to bank without ever entering the city where there were larger bank branches. The report says that the office was created in 2006 and by 2008, it had 9,400 customers with over 1 billion Swiss francs in assets.
The bank explained that the full-service Zurich branch, which offered services far beyond the ATM withdrawals and currency conversions usually available in airports, was there "to offer better client service for a broader range of clients and have appropriate contacts at the airport for walk-ins." Credit Suisse CEO Brady Dougan, the first American CEO of any Swiss bank, told the Committee's staff that the branch was needed because many of the bank's clients would come to Switzerland to go skiing and would go straight from the airport to ski resorts without going into Zurich proper.
The staff report says, however, that the airport desk was a way to get around the bank's own set-up for ensuring compliance with U.S. tax laws. The Zurich airport desk was set up outside of the division "whose bankers were given special training in U.S. regulatory and tax requirements," according to the report.
In a hearing today in front of the Committee, Senator John McCain grilled Dougan and Hans-Ulrich Mester, the co-head of Credit Suisse's private bank and wealth management division. Mester told McCain that "bulk of the clients" working out of the Zurich airport had relatively small cash balances who mostly had tourist homes in Switzerland and didn't get tax or asset management advice from Credit Suisse. Dougan agreed, saying the Zurich office was "really an office of convenience," to which McCain said, "It certainly was." Dougan continued on to say that the Credit Suisse internal investigation "didn't find any systematic issues in that area."
The leading mobile financial advisory service is going after a younger, more tech-savvy demographic with low fees and a fiercely independent corporate mission. But is the model sustainable?
Via wealthfront.com
Silicon Valley startup Wealthfront grew by a stunning 450% last year, and according to new Chief Executive Adam Nash, its assets under management are about to hit $700 million.
Yet, some people in the venture capital community are worried about the mobile personal finance company's ability to make money, the irony of which does not escape them. That's because the company, which specializes in algorithm-driven wealth management for twentysomethings, only charges a ridiculously low one quarter of 1% in fees and focuses on a narrow customer base.
"It does strike me as difficult to sustain, especially when you're not charging anything," said Elliot Weissbluth founder and CEO of $25 billion wealth management firm HighTower Advisors, referencing the fact that Wealthfront accounts under $10,000 are free to manage, and anything over that comes with a 25 basis-point fee. "And 25 basis points does not leave a lot of room for having anything but a piece of software."
Launched in 2008, Wealthfront, part of a peer group of companies known as "roboadvisories" that includes Betterment, Personal Capital, SigFig and LearnVest, just raised $20 million in its second round of venture capital fundraising and is about to going out for another round later this year, according to a venture capital source familiar with Wealthfront's financing. (Its first was led by powerhouse investor Marc Andreessen.) It has roughly 6,000 users with accounts ranging from a minimum of $5,000 up to $8 million, with an average account balance of $91,000, Nash said. And its assets under management put it at the front of the pack of mobile personal finance services. This success has come, in part, from the fact that Wealthfront differentiates itself from its competitors by offering tax services in addition to investment guidance.
"The whole idea behind Wealthfront is to take a lot of the best [financial] academic research and put it into software so that it's cheap enough for everybody to have it," said Nash, who recently moved into the CEO position at Wealthfront from his role as chief operating officer, replacing Andy Rachleff, who moved into an executive chairmanship. "This is really about millennials. This is about young people. They have a different perspective on investing than the baby boomer generation, they've been through two market crashes, they don't believe in beating the market, they think that's kind of a scam. They're really really averse to fees."
Nash says Wealthfront is able to charge such low fees because its savings advice is disseminated by machine instead of man. The cost benefit of running software and coming up with algorithms instead of hiring people works to Wealthfront's advantage.
"I'm very comfortable with our economics, the cost of adding a new client is incredibly low, the value is incredibly high," Nash said. "We think we're building [a] once-in-a-generation company here in Wealthfront, but we're doing it for millennials, and this generation is bigger than people think. It's 90 million with a liquid net worth already of $1 trillion in the U.S. and that will grow to $7 trillion in 2025, so this is not a short-term company. For us, a $100,000 account is about $20 per month. But for a software company $20 per month is a great subscription."
Critics contend that Wealthfront is relying too much on machines instead of human experience and expertise.
"They're trying to drive portfolio decisions based on algorithms and not human beings," Weissbluth said. "There is some potential, but I think it's still undetermined whether or not people will trust a computer over a human being. Over time computers will play an increased role, but for especially for complex situations, people will still need a human being."
But Nash argues the Wealthfront's model of computer over physical advisor plays directly into the hands of the young adults the company is targeting because of the generation's comfort and preference for a mobile platform.
"Younger people grew up with computers," Nash said. "If you look at our client base, you'll see that most of them are not from Silicon Valley and 58% are 35, and 88% are under 50, and so fundamentally this is really about young people, and the great thing about young people is that when they find something they like, they talk about it, and that's been really successful for us."
As for Wealthfront capturing a significant portion of traditional investment advisory business, neither side is worried. Some financial advisors like Doug Wolford, president and CEO of Convergent Wealth Advisors, even use the service and see it as having great potential to service an underserved market's financial needs.
"I think it's capturing a segment completely different from the traditional advisory segment, it's a different demographic and a different mentality," Wolford said. I keep money there because I like to see how things work. To me anything that focuses people on being responsible for building financial independence is very valuable. If robo-advisers are capturing a younger demographic and getting tech advisers interested in accumulating wealth, I'm all for it. I think these guys are on to something."
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The teen retailer’s future direction will be determined over the next four months.
Via facebook.com
What happens between now and June 19 will determine the future of Abercrombie & Fitch.
That's when the teen retailer, under fire for falling sales and shoddy management, will hold its annual shareholder meeting, where five new directors nominated last week by dissident hedge fund Engaged Capital will run for seats on Abercrombie's board. Their nominations, which followed weeks of failed private negotiations between Engaged and the company for mutually acceptable replacement directors, signals the start of a potentially expensive, time-consuming proxy fight. And both sides, according to sources familiar with the situation, are currently mapping out their boardroom battle strategies.
Abercrombie is coming off a brutal year that included the shuttering of its Gilly Hicks chain, faltering sales, and a precipitous stock decline. The retailer is in the more vulnerable position for those factors and because it is in the middle of a search for a new chief financial officer and presidents for its Abercrombie and Hollister brands, newly-created roles that are meant to be filled with potential successors to 69-year-old Chief Executive Officer Mike Jeffries. The negative publicity stemming from a drawn out proxy battle could derail that hunt.
"Certainly no external candidate in my mind would step in the middle of that proxy battle and take one of these positions," said David Eaton, vice president of proxy research at Glass Lewis. "You could hire internally for it, but it might be defeating the purpose a little bit of creating those new positions and acknowledging you need them."
Abercrombie will report fourth quarter earnings on Wednesday, and after seven straight quarters of slumping comp sales, investors will be paying close attention to its performance during the all-important holiday season and its outlook for the year.
Engaged, which owns about 0.6% of Abercrombie's shares, started calling for Jeffries' ouster in December, blaming the micromanaging CEO for Abercrombie's out-of-touch fashions, falling sales and missed buyout opportunities. The hedge fund, founded and run by Glenn Welling, has criticized Abercrombie's board for failing to ensure the company has a succession plan — Jeffries, considered Abercrombie's modern-day founder, has led the retailer since 1992 and has reportedly fired all of his potential replacements.
Abercrombie responded to the hedge fund's critiques with a series of changes, among them creating the brand president roles and adding three new directors to its board, all of whom have retail experience. (Previously, Jeffries was the only board member with a background in retail.) One new director was appointed lead independent chairman, stripping Jeffries of the chairmanship. Abercrombie has also promoted its chief financial officer, a favorite on Wall Street, to chief operating officer and terminated a shareholder rights plan, paving the way to a buyout.
"The company has been making a lot of changes and it's not constructive to have a proxy fight at this time," said a source familiar with the situation.
Representatives for Abercrombie and Engaged declined to comment.
Abercrombie's stock price over the past year.
Bloomberg
Despite the changes, Engaged is still upset that Abercrombie's board renewed Jeffries' contract for another year in December. Going public now with its demand for new directors "creates an in for Engaged to negotiate and have serious meetings with Abercrombie, and it wouldn't be a surprise if they end up with a few seats on the board," said Eaton.
Engaged would be perfectly happy with that outcome — indeed, it is part of its strategy. As a result of Abercrombie appointing three new directors last month, Engaged doesn't need all five of its nominees to be elected to the company's board, just some of them — enough to give majority control to directors not beholden to Jeffries.
"The new directors have been on the job for three weeks and the incumbents have been on the board for four to 20 years," said a second source familiar with the negotiations who spoke on the condition of anonymity because the talks were private. "To give the company a true fresh perspective at least four incumbent directors will need to replaced."
Wresting control of the board from Jeffries could have any number of effects. For one, it could result in totally different selections for Abercrombie's brand presidents, who will shape the retailer's future, and for the CFO job. It could also lead to a swift exit for Jeffries, who has run the company with scant oversight since he joined.
Currently, Abercrombie's board totals 12 members: the three new directors and nine incumbent directors, most of whom are prominent Columbus, Ohio locals. Members include two-time Heisman Trophy winner Archie Griffin and Elizabeth Lee, the headmistress of a local girls-only private school. While Abercrombie says Lee "brings valuable insights into the perspectives" of teens, as per last year's proxy filing, it's worth noting the school she oversees requires uniforms.
By contrast, four of Engaged's nominees have executive-level retail experience focused on apparel at companies including David's Bridal, Kellwood, and Gap. (Welling is the fifth nominee.) One of the hedge fund's picks, Michael Kramer, was Abercrombie's CFO until 2008 and is said to have clashed mightily with Jeffries, which would make his election contentious, according to a third source familiar with the situation. The possibility of Kramer, and to a lesser extent, the rest of Engaged's slate, joining the board, will likely motivate Jeffries to ask a few directors such as Griffin, Lee and local real estate developer John Kessler to step down and be replaced with new nominees, this person said.
The second source said that Abercrombie is already working on its own slate of nominees to the board. Notably, this is the first year all of the directors will stand for election.
While there have been instances in which directors voluntarily resign ahead of proxy battles, it doesn't happen often, said Glass Lewis' Eaton. Part of the reason is because board seats can be lucrative gigs. Abercrombie's directors met 11 times last year, and the group, excluding Jeffries, was compensated $214,546 on average in stock and cash, slightly less than the average payout of $246,914 to directors in the S&P 500 in the past year, according to Glass Lewis data.
"The negotiations could go in a couple different ways now — they could replace several directors with their own nominees, or they could just negotiate to bring on several of the Engaged nominees, or if they're completely at a standstill, they'll just go to proxy battle and have a contested meeting with two slates," Eaton said. "At this point, it's fully between Engaged Capital and Abercrombie."
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Second Market CEO and Bitcoin investor Barry Silbert is working on rolling out a regulated, US-based exchange following the Mt. Gox disaster. “This is the fun stuff.”
Lucas Jackson / Reuters
On perhaps the darkest day for Bitcoin since its mainstream emergence, Barry Silbert is feeling as good as ever about the future of Bitcoin. "This is the fun stuff," he told BuzzFeed, describing his plans to spin off the Bitcoin businesses in his company SecondMarket — which became famous as a marketplace for private Facebook stock before its IPO — into a new company that will serve as a regulated, U.S.-based Bitcoin exchange.
Bitcoin has been in jeopardy since Mt. Gox, the largest and most prominent Bitcoin exchange, shut down operations Monday after reports it lost hundreds of millions of dollars worth of Bitcoins following attacks from hackers.
A document purportedly from Mt. Gox said that the company has lost 744,408 bitcoins, or about $350 million. One Mt. Gox user reported having $285,000 stuck with Mt. Gox, and the price of Bitcoin has slumped to $512, down 7.5% in a day and less than half its early December peak of $1,155.
SecondMarket, Silbert said, will place its Bitcoin Investment Trust, a Bitcoin investment vehicle with $47 million worth of assets, and its Bitcoin trading desk into a new company, along with $20 million worth of cash and Bitcoin assets.
While there will be a board meeting later this week to sign off on the split, Silbert, who will serve as CEO of both companies, said that SecondMarket was functionally split already.
The biggest project for the new company would be the Bitcoin exchange.
"The exchange model we're looking at is less similar to what exists now and more similar to the New York Stock Exchange where you have a group of regulated member firms," Silbert said. "They are the only ones who can access the exchange."
The exchange, according to Silbert, would have Bitcoin companies and banks trade Bitcoin and dollars with one another and be able to set a spot price for Bitcoin. The exchange would also settle transactions between member firms every day.
Silbert said he was working in "close collaboration" with other companies, financial institutions, and regulators to get the exchange started, though he declined to cite any of them by name. He did hint, however, that member firms could be companies like Coinbase, which operates Bitcoin wallets for individuals and helps buy and sell Bitcoin, or Circle, which provides payment services for digital currencies. Silbert said that he was aiming to have a "group of founding members in March" that would include a global financial institution.
"One of the key elements to this exchange is the inclusion of a few global banks," he said. "The banks have come to the conclusion that Bitcoin isn't going away. There's an interest to trade Bitcoin to cash and vice versa, that's a service [banks will] provide."
The banking industry has begun to show at least some interest in Bitcoin, with both Bank of America and JPMorgan publishing research on the digital currency.
Any new, U.S.-based Bitcoin exchange would need the approval of regulators in addition to the participation of financial institutions. The two main Bitcoin exchanges aside from the crisis-ridden Mt. Gox — Bitstamp and BTC-e — are based in Slovenia and Bulgaria respectively.
Silbert wouldn't say which regulators he has talked with, but he did note that SecondMarket is a registered broker dealer, and that he considered the regulatory environment for Bitcoin favorable.
"Regulators, in a productive way, have come out in promoting the idea of regulation. They've all said Bitocin isn't a bad thing," Silbert said.
One of those encouraging regulators is Ben Lawsky, the head of the New York State Department of Financial Services, who regulates New York banks, insurance companies, and other financial companies. "The long-term strength of the virtual currency industry will require robust safety and soundness requirements — so customers have faith that their money won't get caught in a virtual black hole," Lawsky said in a statement Tuesday. "And if we get those rules right, perhaps we can make New York and the United States a magnet for legitimate, well-regarded exchanges and other virtual currency firms."
Silbert isn't the only Bitcoin backer unfazed, at least publicly, by Mt. Gox's demise. Fred Wilson, whose Union Square Ventures has invested in Coinbase, wrote today on his blog that, "I bought a little Bitcoin today. Not much. But I always feel good buying when there is blood in the streets in any market. It is my favorite time to buy."
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The bank’s student loan business has almost doubled in two years and is facing heat from regulators.
Discover Financial Services, one of the biggest providers of private student loans, is facing an investigation from the Consumer Financial Protection Bureau over its loan servicing practices, the company disclosed in its annual report today. Discover said that the consumer financial regulator issued a "civil investigative demand" seeking "documents and information regarding certain of Discover Bank's student loan servicing practices."
The CFPB's investigation of Discover is just one investigation of the collection and servicing practices of the private student loan industry — Illinois Attorney General Lisa Madigan is investigating student loan giant SLM Corp, otherwise known as Sallie Mae, according to The Wall Street Journal .
While Discover's student lending business has been growing, so have its delinquencies, necessitating more intensive servicing and collection efforts and possibly sparking the CFPB's investigation. Discover had almost $4 billion in private student loans that it originated by the end of 2013, an increase of nearly $1 billion from a year prior and nearly quadruple from the end of 2010. Combined with loans it acquired, Discover has over $8 billion in student loans compared with $4.7 billion in 2011.
Via Bloomberg
With the big jump in its private student lending, its delinquencies have also risen. At the end of last year, Discover's originated student loans had a 30-day delinquency rate of 1.66%, up from 1.07% at the end of last year and 0.63% from the end of 2011. It also restructured more of its student loans in 2013, with the restructuring rate going up by almost half over the year. The 90 day delinquencies for private student loans it originated have more than tripled in the past two years, at .46% at the end of this year from .14% at the end of 2011.
In contrast, Discover's credit card delinquencies have been on a steady decline over the past four years.
Only $524 million of Discover's $7 billion in interest income in 2013 came from private student loans.
Discover isn't the only financial company to see student loans detioriate in their portfolio, both Wells Fargo and Sallie Mae have as well.
Discover has recently made a big push into student lending in an effort to diversify from its credit card business. The company bought $2.5 billion in student loans from Citi and purchased Citi's 80% stake in student lender Student Loan Corp in 2010.
Large consumer banks have started to abandon the private student loan business as it has shrunk thanks to an expanded government role. The lenders that do remain face increasing scrutiny from the Consumer Financial Protection Bureau, which also examines nonbank companies that service student loans. That leaves more and more of it to speciality lenders like Sallie Mae and upstarts like Discover. JPMorgan Chase, the country's largest bank by assets, announced last year it was leaving the student loan business.
The company also disclosed that the Federal Deposit Insurance Corporation had notified Discover of possible deficiences in its anti-money laundering program. Discover said it was cooperating with both investigations.
The bank did not have any "material" litigation expense for 2013, but disclosed that its "reasonably possible losses" for litigation and regulatory actions is up to $150 million. The bank said it could face civil penalties from the FDIC or CFPB or restitution to students in the servicing investigation.
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Avis, the car-rental company that bought Zipcar last year, says it will grow to one million members by 2015, driven by the “fundamental shift going on with regard to car ownership” among millennials. It had around 775,000 members when purchased last March.
The latest in the debate on whether millennials want cars or not comes from Zipcar, which said today that the generation's "fundamental shift" away from owning vehicles will help it hit one million members by 2015.
The car-sharing company, which Avis Budget bought for about $500 million last year, told investors that while people of all ages use Zipcar, it's "very excited about the millennial generation."
"There is a fundamental shift going on with regard to car ownership for this generation," Kaye Ceille, Zipcar's president, said. "More than half of these kids find ownership too costly — this includes the cost of the car, fuel, insurance and parking. In addition to that, half would rather drive less, if they had other alternatives, and most of them, like our Zipsters, are actually seeking out other alternatives to car ownership."
"We are pretty set to take advantage of this opportunity," she added, citing Zipcar's "trusted brand and urban credibility and an entire generation of drivers who'd rather buy a phone than a car." The company anticipates continued double-digit percentage growth, she said.
With around 860,000 members right now, growing to one million would mean a 16% expansion for Zipcar this year. The service is setting up in new markets domestically and internationally, including at more airports and universities. It's also starting one-way rentals later this year and offering more flexible memberships for less-frequent users. Zipcar says it's currently available at more than 350 college campuses and in 36 major metropolitan areas; of the 165 million people in those metropolitan areas, the company says that more than half have driver's licenses and less than half own vehicles.
Car-sharing companies, which also include Car2Go and Hertz 24/7, have been booming in popularity, and may grow to more than 12 million members by 2020. Consultant AlixPartners said without such services, Americans would have purchased about 500,000 new or used cars between 2006 and the end of 2013, according to the Wall Street Journal. They're particularly popular with 20-somethings, which some interpret as a generational shift away from owning cars, though others say the group simply doesn't have the money to spend on such big-ticket items right now.
Avis, for its part, says that young people view Zipcar as a cooler brand than its namesake and Budget car-rental chains — which will be increasingly key in coming years.
"It's not your father's car rental company, which is what I think all of the major brands are today," Avis Chief Executive Officer Ronald Nelson said today. "It informs us and gives us the competitive edge in terms of how we need to morph Avis and Budget over the next five, seven, 10 years, to be able to make sure that our mother brands are as accepted to the new generation of travelers as Zipcar is."
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In response to the hedge fund manager’s scathing public letter this morning, eBay released a statement accusing Icahn of using “cherry-picked old news clips and anecdotes out of context” to attack two eBay board members.
Brendan Mcdermid / Reuters / Reuters
Kacper Pempel / Reuters / Reuters
Billionaire hedge fund manager Carl Icahn's fight with eBay over the company's board and the disposition of PayPal has moved from Twitter to dueling public letters.
Icahn released a letter this morning on his website accusing two independent directors serving on eBay's board, venture capitalist Marc Andreessen and Inuit founder Scott Cook, of having conflicts of interest that prevent them from effectively serving on eBay's board. "We believe that in any sane business environment these directors would simply resign immediately from the eBay Board, either out of pure decency or sheer embarrassment at the public exposure of the extent of their self-serving activities," Ichan wrote.
About an hour after the release of Ican's letter, eBay released a statement describing Icahn as a "New eBay shareholder" who "has cherry-picked old news clips and anecdotes out of context to attack the integrity of two of the most respected, accomplished and value-driven technology leaders in Silicon Valley." The statement also described Icahn's criticisms of Cooke and Andreessen as "mudslinging attacks against two impeccably qualified directors."
Icahn's aggressive language is standard practice for the publicity savvy investor. Since he has a relatively small stake in the company — he's the 25th largest shareholder with a .82 percent stake worth about $600 million — his strategy depends on using his high public profile to get other shareholders on his side or to get eBay's board to agree to changes in order to shut him up.
Icahn specifically accused Andreessen, the founder of the venture capital firm Andreessen Horowitz, of profiting from investing in two spun-off eBay subsidiaries while serving on eBay's board — Skype, which was sold by eBay in 2009 and purchased by Microsoft in 2011 from an investor group that included Andreessen Horowitz; and Kynetic, an ecommerce company that eBay spun-off from its purchase of GSI Commerce in March 2011 that Andreessen Horowitz invested in 2012. Icahn said these investments "lead us to question his loyalty to eBay." Icahn also cited Andreessen's investments in payment startups that could be competitors to PayPal.
Icahn said that Cook, the founder and former CEO of Intuit who still maintains a large stake in the company, was conflicted in serving on eBay's board because Intuit and eBay are "direct competitors in payment processing" because Intuit has a payment system, Intuit Go-Payment, that "provides virtually the same capabilities to merchants as PayPal." Icahn also cited an antitrust complaint from the Department of Justice that alleges that eBay agreed not to hire Intuit employees. "Is Mr. Cook wary of how a standalone PayPal could impact the company he founded? Is he worried that it would diminish the value of his $1 billion in Intuit stock?" Icahn asked.
In response, eBay said that it made a significant gain from selling Skype and that Andreessen had recused himself from decision making as a board member in light of his firm's investment in Skype. eBay also said that Cook "has been an enormous asset to eBay's board for many years" and that "the overlap between Intuit and eBay is small, fully disclosed and within the SEC safe harbor for interlocking directorates." The company also said that the talent overlap between the two companies was minimal.
Icahn started his fight with eBay in January when the company announced that Icahn had bought a stake in the company during the release of disappointing quarterly earnings. He immediately proposed that the company should split off its PayPal subsidiary. Icahn also nominated two directors to eBay's board. In its latest quarter, which was disappointing for eBay, PayPal brought in about 40% of eBay's revenues and showed faster growth than the company's core marketplace business.
The company has not been caught flat-footed by Ichan's campaign, unlike other Icahn targets: eBay broke the story that Icahn was nominating two directors and was pushing for a PayPal spinoff and had two of its best known board members — its founder and chairman Pierre Omidyar and Marc Andreeson — tweet their support for keeping PayPal with eBay.
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Fuelcaster.com displays the 10 cheapest gas stations in any given zip code and uses data from GasBuddy.com to predict whether prices will rise or fall in the next 24 hours. Users are told whether they should buy gas now or wait until tomorrow.
For anyone who has experienced the despair of filling up a tank of gas and then seeing a cheaper price at another station — or worse, at the same station the next day — Esurance says it can help with a new website, Fuelcaster.
The site asks users to enter their zip code, then tells them whether to buy gas now or wait until the next day. Fuelcaster, which relies heavily on data from GasBuddy.com, says it can predict whether the price will rise or fall during the next 24 hours with roughly 90% accuracy. Esurance, an online insurer owned by Allstate, says it tested thousands of scenarios with zip codes across the country to make that claim. Fuelcaster also displays the 10 gas stations in the area with the cheapest prices and what the current cost per gallon is.
"What you'll find is a ton of apps — both free and paid — that show gas prices, but none that focus on retail with the granularity that Fuelcaster does," Esurance said in an e-mail to BuzzFeed. "The bulk of the data comes from GasBuddy.com, which is all user generated content. (Other) prediction sites are more focused on wholesale gas prices, versus local retail, which is what GasBuddy does."
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