In what may constitute the epilogue to the battle between Sovereign Asset Management and Korea's SK Corp, the CEO of Sovereign yesterday stepped down.
James Fitter had been the public face of Sovereign's battle with SK Corp. In briefings with journalists, the CEO always made eloquent arguments about corporate governance and the other issues that Sovereign was fighting for in its long-running battle to oust Chairman Chey Tae-won.
Sovereign first invested in SK Corp in March 2003 and built a stake of just under 15%. However, after numerous legal battles, and a PR blitz, Sovereign failed to achieve its goal of having Chey removed. With the company's...
