Tad Smith, new ceo at Sotheby’s.
Tad Smith has been named as new President and Chief Executive Officer at Sotheby’s. The 49 year old has been President of the Madison Square Garden Company – a leader in building sports, media and entertainment brands – since February 2014. In this role he oversaw strategy and day to day development at MSG Sports, MSG Media and MSG Entertainment. With a track record of driving revenue and profit growth the new President is said to have a passion for art and collectibles.
Smith replaces William Ruprecht, who served as ceo since 2000. Ruprecht had been under pressure from billionaire activist investor Daniel Loeb last year to cut costs and increase shareholder value. Record auction volumes which brought sales last year to $6.1 million have not returned higher profits, and expenses have increased.
Domenico De Sole, Sotheby’s lead independent director, is replacing Ruprecht as chairman of the board of directors. Smith will also join Sotheby’s board.