Sotheby's, one of the world's largest auctioneering companies specializing in fine and decorative art, has appointed Tad Smith for its Chief Executive Officer position.
Smith, who is also joining the multinational corporation's board of trustees, was the former President and CEO of the Madison Square Garden Company. He began working for said company in February 2014.
"While the auction business is new to me, I think you'll find me a quick study," he said during a morning conference call, according to ArtNet.
Smith also mentioned that he is interested in driving "the creation of sustainable shareholder value in the coming years."
Sotheby's new leader will succeed former CEO William Ruprecht, who resigned last November after enduring a battle with activist shareholder Dan Loeb. Loeb is a hedge fund manager who is currently the CEO of Third Point LLC based in New York City.
Smith has also worked as president of local media at Cablevision Systems Corporation along with being CEO of Reed Elsevier Group's United States business-to-business division, ArtNet also reports.
Sotheby's new CEO is 49 years old.
