Sotheby’s today announced that its Board of Directors has begun a search for the Company’s next Chief Executive Officer and that William F. Ruprecht will step down by mutual agreement with the Board. Mr. Ruprecht, who has served as CEO since 2000, will continue as Chairman, President and CEO until his successor is in place to ensure a smooth transition.
The Board has formed a Search Committee to oversee the recruiting of a new CEO and has retained Spencer Stuart, a leading executive search firm, to assist in the process. The Committee is led by Domenico De Sole, Lead Independent Director.
Mr. De Sole said, “The Board is focused on ensuring a smooth transition that will facilitate Sotheby’s continued success. As we move to new leadership, the Board is sharply focused on upholding the world-class standard of excellence that Sotheby’s has long represented to our clients and achieving Sotheby’s full long-term potential for the benefit of our shareholders. We are moving with a sense of urgency but we will take the time we need to find the right leader for Sotheby’s at this critical juncture in its continuing evolution.”
