NEW YORK, NY.- Sothebys
today announced that the Board of Directors unanimously elected William F. Ruprecht Chairman of the Board of Directors, a role he will assume in addition to his current duties as President and Chief Executive Officer. Michael I. Sovern, who has served as Chairman of the Board for 13 years, will remain on the Board. Steven B. Dodge was unanimously approved by the Board as Lead Independent Director. The appointments are effective immediately.
Serving as Chairman of the Board at Sothebys has been an extraordinary privilege, said Mr. Sovern. We have accomplished a great deal together and I am very proud of the standard of excellence Sothebys represents today in the art world and, most importantly, with our clients. We are extremely fortunate that Bill Ruprecht can step seamlessly into the role as Chairman. The Board and I have been contemplating my decision to step down as Chairman for about a year now and we looked both internally and externally at suitable structures and candidates. Bill is clearly the best longterm choice for Sothebys and its shareholders. There is no one more prepared and knowledgeable about Sothebys and all that this company represents and what it can become, so I turn this seat over to him with great confidence in the future.
Mr. Sovern began his tenure as Chairman of Sothebys in February 2000. As President Emeritus of Columbia University, he brought a distinguished reputation as an accomplished lawyer, scholar and educational leader to the Sothebys Board at a critical period. Mr. Soverns leadership and integrity helped steer Sothebys successfully through its antitrust matter and its two class capital structure and enabled the Company to enjoy the most prosperous period in its almost 270 year history.
Mr. Ruprecht assumes the role of Chairman today after a 32-year career at Sothebys that has taken him from an administrators post in the Rug department to head of a global organization that has reached $6 billion in sales and operates in 40 countries, with clients from 95 nations and principal salesrooms in New York, London, Paris and Hong Kong.
Mr. Ruprecht was named President and CEO in February 2000 at the same time Mr. Sovern was appointed Chairman. Prior to that, Mr. Ruprecht served as Managing Director of Sothebys North & South America for six years. During his tenure as President and CEO, Sothebys has increased its global focus on top clients and the high end of the business as well as emerging markets whether in Asia, the Middle East, Russia or Latin America. The Company, under his leadership, has also seen an expansion in art-related financing, in private sales of major works of art, and in its digital presence as Sothebys strives to build client loyalty through innovation and impeccable service.
This is an exciting and challenging time in the world and at Sothebys. I accept this appointment with gratitude and humble thanks to the Board and to Michael for all he has done, especially the sterling example of leadership that I and all future chairs will call upon, said Mr. Ruprecht. I am deeply appreciative of the senior leadership at Sothebys. Their collective strengths, intelligence, amazing passion and commitment to this business are the ingredients that make this a unique and superb organization.
Mr. Dodge today assumes a role that is new to the Sothebys Board, although he is a veteran of Company leadership, having served as a Director from 2000 to 2007. Mr. Dodge is the CEO and principal of a private real estate development and construction company, Windover Development LLC, and for almost a decade, until 2004, he served as Chairman of the Board of American Tower Corporation and as President and Chief Executive Officer of that company until 2003. Prior to American Tower, Mr. Dodge served as the Chairman, President, and CEO of American Radio Systems Corporation.
In his role as Lead Independent Director, Mr. Dodge 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 the directors, and shaping the agendas for meetings of the Board. The position was created to ensure that Sothebys meets the highest standards of contemporary corporate governance. Mr. Dodge said, Sothebys will continue to be committed to the highest level of transparency and Board independence on my watch, as currently evidenced by the fact that only one of our twelve Board members is from Management.
Mr. Ruprecht applauded the selection of Mr. Dodge, saying, Steve Dodge is a superb choice as Lead Independent Director and has a proven track record of building organizations and developing talent. He is an effective and independent Director, a true consensus builder, and I very much look forward to working with him in his new role as Lead Independent Director.