Sotheby’s continues to reshape its board to align its management and governance with its global luxury goods strategy with the announcement of Domenico De Sole as Lead Independent Director:

Sotheby’s announced today that its Board of Directors unanimously elected Domenico De Sole as Lead Independent Director. Mr. De Sole is co-founder and Chairman of luxury retailer Tom Ford International and former President and Chief Executive Officer of Gucci Group N.V., which he took from a nearly-bankrupt single brand to a $3 billion luxury goods conglomerate. He was elected to the Sotheby’s Board on July 1, 2013 with the agreement that he would begin serving on Dec. 1, 2013. This new appointment takes effect immediately.

In addition to his executive leadership positions, Mr. De Sole has served on numerous public company boards. He is a current director at Gap Inc., and Newell Rubbermaid, Inc., and a former director at The Proctor & Gamble Co., Delta Airlines, Bausch & Lomb Incorporated and Telecom Italia, among others. He is a passionate and long-time collector of contemporary art and wine.

Steven B. Dodge, who has served as Lead Independent Director since the position was created in December 2012, sought a return to the role of Director because of increased personal and family matters that are unrelated to Sotheby’s.

The Lead Independent Director is responsible for a series of leadership duties, including presiding at Executive Sessions of the non-management Directors, serving as a liaison between the Chairman and Directors, and shaping the agenda for meetings of the Board. The position was created in December, 2012 when Mr. Ruprecht was named Chairman in addition to his duties as President and CEO to ensure that Sotheby’s meets best practices in corporate governance.