On 2 October, Third Point increased its share of Sotheby's to 9.3 percent and, in a letter to Sotheby's President, CEO, and Chairman William F. Ruprecht, called for a change in management, due to "the company's chronically weak operating margins and deteriorating competitive position relative to Christie's, as evidenced by each of the contemporary and modern art evening sales over the last several years." Third Point noted "We acknowledge that Sotheby's is a luxury brand, but there appears to be some confusion – this does not entitle senior management to live a life of luxury at the expense of shareholders." Criticising Sotheby's "for what he called an incoherent Internet strategy and for not being aggressive enough in the contemporary art market", Loeb said that he wanted the firm to expand globally and "exploit the Sotheby's brand through adjacent businesses" and offered to "join the Board immediately and to help recruit several new directors who have experience increasing shareholder value, share a passion for art, understand technology and luxury brands, or have operated top-performing sales organizations."