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RAPAPORT... William F. Ruprecht, the chairman of the board, president and CEO of Sotheby's, will step down from his role when a new CEO has been recruited. Sotheby's board formed a search committee that will oversee executive search firm Spencer Stuart in the task of securing candidates. Ruprecht has served as CEO since 2000.
Domenico De Sole, who leads the search committee, explained that the board was focused on ensuring a smooth transition, while "moving with a sense of urgency" but will take the time to find the right executive at critical juncture in its continuing evolution. "We are deeply grateful to Bill Ruprecht for his long and exemplary service to Sotheby's and how he has successfully guided the company through serious challenges into an era of significant growth and development. Under Bill's leadership, the Sotheby's brand has never been stronger, and he has built the company's business to include branded private gallery sales, an expanding art-related finance business, retail wine and jewelry sales, global education programs and an innovative online presence. My fellow directors and I salute Bill's unwavering dedication and the many significant contributions he has made to Sotheby's for more than three decades, and we appreciate his willingness to assist in effecting a smooth transition." Ruprecht said, "I have had the privilege of working with so many talented and dedicated colleagues at Sotheby's, and I am proud of all that we have accomplished together. This is an exciting time for this great company, as we continue to capitalize on robust global demand in our salesrooms and increasingly online. The last few years have been the most successful in the company's history. I am comfortable and confident saying Sotheby's is well positioned for the next chapter of its success, and I will do all I can to contribute to a smooth leadership transition."
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