On 5 May, Dan Loeb and Sotheby's reached an agreement which stipulated that Dan Loeb, Olivier Reza and Harry J. Wilson joined the board in exchange for Third Point having an ownership cap at 15%, William Ruprecht would stay as CEO and the proxy context to be held at Sotheby's AGM would cease On the newest board members, Bill Ruprecht, chairman, President and CEO of Sotheby's noted:
