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01 - 11 - 2019 Sotheby’s Names New CEO Following Takeover



RAPAPORT... The media tycoon who recently bought Sotheby’s has appointed a senior executive from his business empire as the auction house’s new CEO. 

Charles Stewart will assume the role with immediate effect, having served as copresident and chief financial officer of Patrick Drahi’s Altice USA since 2016. He helped lead that company’s successful $2.1 billion initial public offering in 2017, and was instrumental in driving innovation and growth, Sotheby’s said Tuesday.

Stewart has also worked in the banking and finance sectors, most notably as CEO for Itau BBA International, the holding company for Itau-Unibanco, the largest bank in Latin America. 

“Charlie is a talented executive who brings years of international experience to Sotheby’s,” Drahi noted. “I have known him for many years and have been impressed by his appetite for innovation, taking smart risks and challenging the status quo. He has a proven record of driving growth, and is ideally positioned to create value for Sotheby’s clients and our outstanding team.” 

Stewart succeeds Tad Smith, who is stepping down after four-and-a-half years. Smith will become a shareholder of the company, and act as a senior adviser to Stewart. 

Smith is not the first Sotheby’s employee Drahi has replaced with a member of his own team since acquiring the auction house for $3.7 billion in June. Earlier this month, he installed Jean-Luc Berrebi, the head of his family office, as chief financial officer succeeding both Mike Goss, the head of finance, and John Cahill, executive vice president and chief commercial officer. 

Image: Charles Stewart. (Sotheby’s)

 

Source: Rapaport 29-10-2019

 
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