Top Stocks: Stadium ditches some stake in Insperity (NYSE:NSP), wants strategic alternatives; Sotheby’s (NYSE:BID), Spectrum’s (NYSE:SPPI)

Stadium Capital has reduced its stake  in Insperity (NYSE:NSP ), although it still believe that Insperity  has been significantly mismanaged for many years and is operating well below its growth and profitability potential. Stadium Capital also trusts that a number of opportunities exist within company’s board and management to improve operating results and creation of significant shareholder value. Consistent with its previous disclosure, Stadium Capital said that it still believes that the board must be immediately reconstituted and that a strategic alternatives process must be initiated. Accordingly, Stadium Capital agrees with the views regarding Insperity expressed by Starboard Value as disclosed in Starboard’s filing with the SEC on January 20.

 

Sotheby's (NYSE:BID) pauses  capital allocation till new CEO is selected. According to reports, , the board of Sotheby's (NYSE:BID) ,  has reiterated its determination to defer capital allocation decisions until a new CEO has been selected. Responding to a letter received from Marcato Capital Management demanding an immediate $500M return of capital to shareholders, the board of Sotheby's said that it is determined to defer capital allocation decisions until a new CEO has been selected. "The board welcomes shareholder views and suggestions," said Sotheby's director Domenico De Sole, "but our immediate priority is selecting a new CEO and determining a strategy to increase shareholder value. We will address capital allocation based on our strategy and the resulting capital needs. Further, good governance requires that the new CEO be involved in something as important as our capital allocation policy." The board noted last week that the search for a new CEO "is moving forward in a disciplined and thoughtful manner."

 

Spectrum’s (NYSE:SPPI) C-level executives get 2014 cash performance awards. The compensation committee of the board of Spectrum Pharmaceuticals (NYSE:SPPI), has declared that the company has materially accomplished, all substantial major goals established at the outset of 2014. Based on an assessment of the company’s performance, the committee had decided to give cash performance awards for its CEO, Rajesh Shrotriya, who got a salary increase of 5.0% and a $900,000 cash bonus; its COO, Joseph Turgeon, who got a 4.5% raise and a $330,000 bonus; its CFO, Kurt A. Gustafson, who got a 4.4% raise and a $225,000 bonus; and its Chief Medical Officer, Lee F. Allen, who got a 3.4% raise and a $270,000 bonus.