Sotheby’s has named Tad Smith as its new company CEO, taking over from William Ruprecht. Smith, formerly the CEO of Madison Square Garden and a professor at the NYU Stern School of Business, will look to calm some of the turbulence at the company between stockholders and its board. (more…)
The ongoing struggle for control at Sotheby’s has taken a new turn, with the auction house rejecting the board nominations proposed by Daniel Loeb’s Third Point LLC, and in turn naming Jessica Bibliowicz and Kevin Conroy for board seats. “The composition of your Board is something Sotheby’s takes very seriously, as the experience and expertise of its directors have been and will continue to be important to enabling the Company’s success,” the company said in an open letter to shareholders. (more…)
A recent statement by Sotheby’s Auction House head Bill Ruprecht has analysts forecasting a potential attempt at a share buy back, following the purchase of sizable share percentages by a number of activist investors. “Sotheby’s is committed to healthy two-way communication with our shareholders as we pursue our common goal of a strong, growing, competitive Sotheby’s open to new opportunities.” Ruprecht said.
