The hedge funds that are now Sotheby’s dominant shareholders have pushed out the auction house’s Chief Financial Officer, Patrick McClymont, who had previously been the company’s investment banker at Goldman Sachs. Much of the friction dates back to the fight for control of the company where McClymont played a role as war-time consigliere to then-CEO William Ruprecht:
The departure of McClymont “appears to be another move by the activists,” Kristine Koerber, a senior analyst at Barrington Research, said in a telephone interview.
“They have been pushing for a turnover of the senior management team over the past 12 to 18 months.” In a statement, Smith said McClymont “contributed a great deal to Sotheby’s and has positioned us well for the future.” […]
“Patrick brought financial discipline and transparency to the company,” Koerber said.
Sotheby’s CFO McClymont Exits as Activists Seek Profit (Bloomberg Business)