Curious to hear everyone's thoughts on this story. The letter of resignation by the board member (was originally appointed by Och) is scathing against CEO Jimmy Levin and his new comp package. Anyone have any insights into the firm itself across culture, its ability to attract investor capital, et cetera? I'm considering investing in $SCU stock itself as a dividend play - it has taken a beating recently.
Story: https://www.reuters.com/markets/wealth/board-memb…
Letter itself (8K filing): https://shareholders.sculptor.com/websites/sculpt…
Further background: https://www.wsj.com/articles/clash-between-founde…
Jimmy is the reason that firm is still operating on such a high level, he is a great investor in the structured credit space. They put themselves in this situation because they feared he was going to leave a few years back and made him CEO. Is that a ton for the performance they generated? Yes but the cost of finding a new CEO and the hit they would take in reputation if Jimmy walked would be far worse.
Dude is not earning this pay anywhere else, there no one making a market for 200M bid to have him join their firm. His only option is to go launch his own fund which is very different thought process.
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