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Board member of hedge fund Sculptor resigns in protest over CEO pay -Breaking

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(Reuters] Sculptor Capital Management (NYSE) – One of the few publicly-traded hedge-fund companies is Sculptor Capital Management. The board member resigned on Thursday in protest at how much James Levin will be paid.

Morgan Rutman was resigned by the company, and the letter in which he resigned stated that he believed the allegations were false.

In his letter, Rutman said Levin is among the highest paid CEOs in recent years and is slated to receive an equity interest in Sculptor that would exceed the holdings of the founders of Apollo Global Management (NYSE:) Inc, Blackstone (NYSE:) Inc and KKR & Co (NYSE:) Inc in their respective funds.

Rutman wrote that the Board’s recent decision not to give annual compensation for James Levin (Sculptor CEO), is a prime example of its governance failures.

“I have no other choice than to resign.Rutman is chief executive officer at billionaire investor Daniel Och’s private investment company.

Och was the founder of Och-Ziff, a company that existed before it became Sculptor. Och and Levin got into a fight, leading to the former leaving Sculptor at the beginning of 2019.

Rutman objected also to Wayne Cohen’s vote to approve the compensation package. Cohen reports directly to Levin and said it was conflict of interest.

Cohen was required to approve the package under company governance documents. He said that the package couldn’t have been approved without Cohen.

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