Our man Dan Loeb is at it again, this time with a cheery letter to management of Western Gas, a Third Point portfolio company. After applauding the company’s potential for increased growth, and helpfully recommending that the company should initiate a share repurchase program, Loeb has some “good” news for Western Gas:
I also have excellent news which I would like to share with you and the Board: After significant reflection regarding the time commitments and constraints that such a responsibility would entail, I have decided to volunteer to serve on the Company’s Board of Directors, filling the seat recently vacated following the retirement of Ward Sauvage. In this way, I will be able to personally and directly be involved in the Company’s initiatives to create and build shareholder value.
My guess is that Western Gas management’s reaction is something less than, “Oh joy, oh bliss — I get Dan on my board!”