Bloomberg reports that an SEC filing reveals that Sotheby’s CEO, Bill Ruprecht has signed a new contract that will take him to 2014. Michael Sovern praises the CEO’s ability to massively cut staff and still keep morale up.

Effective Sept. 1, the contract leaves Ruprecht’s basic salary unchanged at $700,000. He’s to be paid an “annual target bonus” of $1.4 million cash, with a maximum $2.8 million depending on “performance and other metrics” set by the company’s compensation committee. In addition, Sotheby’s will grant him “performance share units” worth $3.5 million to $4.5 million that vest over time, also contingent on performance.

Sotheby’s Ruprecht Stands to Earn $8 Million a Year as Contract Is Renewed (Bloomberg)