(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 comments, according to people family family 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 Identated because the details aren’t published.
Sokol, who was free considered a potential successor warren buffett, has been critical of atlantic union’s performance sense insurance announcing a $ 1.6 billion perchase last year of sandy spring bat Viewing it as an expensive fory into a new territory that isn Bollywood good results, the people said.
Sokol Wants Atlantic Union to Consider Winnoving 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.
REPRESENTINES 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.
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