Christie's Auction CEO Is Out; Rival Sotheby's Shares Jump

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Privately held Christie's auctions chief executive Steven P. Murphy will step down and get replaced by the company's current Chairman Patricia Barbizet. The move comes on the heels of rival auction house Sotheby's
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removal of its CEO William F. Ruprecht Nov. 20 in what may prove the culmination of its battle with activist shareholder Daniel Loeb. Sotheby's gained about 2 percent on the news from its rival, trading recently at $39.26 a share. With a barrage of criticism, Loeb helped nudge Sotheby's into a range of cost-cutting measures earlier this year, and Loeb recently won a seat on its board. Murphy's recalcitrance at Christie's regarding similar cost cutting reportedly lead to his departure, according to The Wall Street Journal. Murphy was named to the post in 2010 after previously serving as Chief Executive of magazine publisher Rodale Inc. and holding management positions with Walt Disney Co.'s
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publishing unit. “I have loved everything about working with the team here at Christie's and am extremely proud of what we have collectively achieved," Murphy said Tuesday. Barbizet said undr Murphy's leadership, "Christie's has assumed a truly leading position, with sales and profits at their highest ever levels. " Barbizet cited the company's recent venture into new markets in India and China, the launch of online auction sales. Christie's is a unit of Groupe Artemis, a French holding company owned by François-Henri Pinault.
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Posted In: NewsManagementIntraday Update
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