Sotheby's names former head of
Gucci Domenico De Sole its new chairman
today Mar 17, 2015
Sotheby's, which has been facing criticism over the past few months by an activist investor (the Third Point Management hedge fund of Daniel Loeb), has decided to separate the roles of chairman and CEO that until now had been occupied by William F. Ruprecht.
Rupert, who has been at Sotheby's for 35 years, handed in his resignation in November following criticisms by Daniel Loeb, one of the company's shareholders.
The famous auction house has split his role into two, handing over the reins to Domenico De Sole and Tad Smith, it announced in a press release.
Domenico De Sole, the former CEO of luxury group Gucci, which has since been bought by Kering, will be the new chairman of the board. He is also the president of Tom Ford and on the board of directors of several companies, including Gap.
Tad Smith (49) was most recently the chief executive of Madison Square Garden Co, a group specialised in sports and entertainment. He will see to the day to day management of the auction house.
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