13 Nov 2013
- Written by Hibah Yousuf/CNNMoney
NEW YORK – Hedge fund manager Dan Loeb revealed a stake in FedEx Tuesday morning, adding the he likes the stock and the management of the company.
Shares of FedEx spiked following the announcement.
Speaking during a conference Tuesday hosted by The New York Times Dealbook blog, Loeb told the audience that he met with FedEx CEO Fred Smith in Memphis last week.
"We had a very constructive discussion about the company," said Loeb, founder and CEO of Third Point hedge fund. "I think he disagrees with some of our notions...so life goes on. This is a normal part of the process."
Loeb is known for his activist approach and forcing change at companies. Most notably, he questioned the academic credentials listed in the bio of former Yahoo CEO Scott Thompson. The pressure from Loeb eventually led to Thompson stepping down. He was replaced by Marissa Mayer from Google and Yahoo's stock has been on a tear since she took over the company.
Despite his disagreements with Smith, Loeb said he likes him and will "absolutely not" try to oust him. Rather, Loeb called Smith one of the great American CEOs and entrepreneurs. But he was mum on the size of his position in FedEx.