Sotheby's taps Madison Square Garden head as new CEO
Iconic auction house said Tad Smith would join as president and chief executive on March 31
NEW YORK (AFP) - Sotheby s Monday tapped the head of the Madison Square Garden Company as chief executive as it split up its chairman and CEO posts following shareholder criticsm.
The iconic auction house said Tad Smith would join as president and chief executive on March 31. Smith has led Madison Square Garden, which owns top new York sports teams and major sports and concert arenas, since February 2014.
Sotheby s also announced that Domenico De Sole, currently the lead independent director, would assume the post of chairman.
Prior to Monday s announcement, outgoing chief executive William Ruprecht served as both chief executive and chairman. In November, the company announced that Ruprecht would step down.
Last month, Marcato Capital Management, which holds about 7.4 percent of Sotheby s shares, called for the auction house to buy back $500 million shares and appoint a new chief financial officer in a letter that criticized the company for poor management.
In May, Sotheby s appointed another activist, hedge fund investor Daniel Loeb, and two of his allies to the board to avert a proxy fight following tough criticism by Loeb of Sotheby s management.
