Sotheby's CEO steps down after 14 years
Sotheby’s chief executive William Ruprecht is retiring after 14 years in the role at the auction house.
The resignation comes a year after activist investor Dan Loeb started requesting changes at the company.
Ruprecht said he would leave the position after a successor was found.
The group’s main competitor Christie's last week significantly outsold Sotheby's in contemporary art auctions in New York with a record $852.9m during flagship sales held each November, compared to Sotheby's $343.7m.
"We are moving with a sense of urgency, but we will take the time we need to find the right leader for Sotheby's at this critical juncture in its continuing evolution," said director Domenico De Sole in a statement about Ruprecht's departure.