William F. Ruprecht assumes chairman's role at Sotheby's

NEW YORK – Sotheby’s 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 Sotheby’s has been an extraordinary privilege,” said Sovern. “We have accomplished a great deal together and I am very proud of the standard of excellence Sotheby’s 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 long-term choice for Sotheby’s and its shareholders. There is no one more prepared and knowledgeable about Sotheby’s 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.”

Sovern began his tenure as chairman of Sotheby’s in February 2000. As president emeritus of Columbia University, he brought a distinguished reputation as an accomplished lawyer, scholar and educational leader to the Sotheby’s board at a critical period. Sovern’s leadership and integrity helped steer Sotheby’s 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.

Ruprecht assumes the role of chairman today after a 32-year career at Sotheby’s that has taken him from an administrator’s 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.

Ruprecht was named president and CEO in February 2000 at the same time Sovern was appointed chairman. Prior to that, Ruprecht served as managing director of Sotheby’s North and South America for six years. During his tenure as president and CEO, Sotheby’s 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 Sotheby’s strives to build client loyalty through innovation and impeccable service.

Dodge today assumes a role that is new to the Sotheby’s board, although he is a veteran of company leadership, having served as a director from 2000 to 2007. 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 Corp. and as president and chief executive officer of that company until 2003. Prior to American Tower, Dodge served as the chairman, president, and CEO of American Radio Systems Corp.

In his role as lead independent director, Dodge is responsible for a series of leadership duties, including presiding at executive sessions of the nonmanagement 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 Sotheby’s meets the highest standards of contemporary corporate governance.