Sotheby’s just dropped the strange announcement that former Madison Square Garden CEO, Tad Smith, who has held that job for just a year and has no previous art, luxury goods or internet retail experience will replace Bill Ruprecht:
“Tad Smith’s appointment is the result of a thorough search process to identify an extraordinary leader to build on Sotheby’s strengths,” said De Sole. “The Board is unanimous in its view that Tad is the ideal CEO for the Company. He is a proven leader and value creator with CEO experience, strategic vision, brand-building expertise, an ability to understand and serve client needs, and a track record of driving revenue and profit growth. He also has a passion for art and collectibles.”
Smith’s lack of experience combined with Domenico de Sole’s appointment as Chairman mean de Sole is the me guiding force at Sotheby’s which raises serious questions about whether the company can develop a meaningful new strategy.