Latest news with #DavidSokol
Business Insider
2 days ago
- Business
- Business Insider
Teton Capital takes stake in Atlantic Union, urges for changes, Bloomberg says
Teton Capital, David Sokol's investment fund, has acquired a stake in Atlantic Union Bankshares (AUB) and is urging the lender to weigh cutting costs, shrinking its board, and revamping its execution compensation, Bloomberg's Crystal Tse reports, citing people familiar with the matter. The fund holds a less than 5% interest in the regional bank, the author notes. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Mint
2 days ago
- Business
- Mint
Teton Capital Said to Agitate for Changes at Atlantic Union Bank
(Bloomberg) -- Financier David Sokol's investment fund has taken a stake in Atlantic Union Bankshares Corp. and is pushing the US regional bank to consider cutting costs, shrinking its board and overhauling its executive compensation, according to people familiar with the matter. Teton Capital — run by the former Berkshire Hathaway Inc. executive — holds a less than 5% stake in Atlantic Union, said the people, who asked to not be identified because the details aren't public. Sokol, who was once considered a potential successor Warren Buffett, has been critical of Atlantic Union's performance since announcing a $1.6 billion purchase last year of Sandy Spring Bancorp, viewing it as an expensive foray into a new territory that isn't delivering good results, the people said. Sokol wants Atlantic Union to consider winnowing down its 14-director board, the people said. He believes it should also evaluate all overhead expenses to cut costs and align its executive compensation with stock performance, they said. Representatives for Teton Capital and Atlantic Union declined to comment. Atlantic Union closed 2% higher in New York trading Friday, giving the Richmond, Virginia-based company a market value of about $4.4 billion. Atlantic Union's shares have fallen around 19% this year. The bank added three members to its board this year following the closing of the Sandy Spring acquisition. That deal was supported by more than 95% of Atlantic Union's shareholders, according to a regulatory filing. The bank also added two additional board members via its all-stock acquisition last year of American National Bankshares. Sokol oversaw Berkshire Hathaway's energy utility and aviation company NetJets before resigning in 2011. More stories like this are available on
Bloomberg
2 days ago
- Business
- Bloomberg
Teton Capital Said to Agitate for Changes at Atlantic Union Bank
Financier David Sokol's investment fund has taken a stake in Atlantic Union Bankshares Corp. and is pushing the US regional bank to consider cutting costs, shrinking its board and overhauling its executive compensation, according to people familiar with the matter. Teton Capital — run by the former Berkshire Hathaway Inc. executive — holds a less than 5% stake in Atlantic Union, said the people, who asked to not be identified because the details aren't public.
