NEW YORK (AP) — Sotheby’s said Thursday that it has rejected the three board candidates of its largest shareholder, activist investor firm Third Point LLC, and named two new director candidates of its own.

The hedge fund made the nominations, which included Three Point’s founder and CEO Daniel Loeb, in late February. At the time, Third Point said it was suggesting its own nominees because current board members “lack the fresh perspective necessary to overhaul the company’s challenged operational structure and cure its cultural malaise.”