NEW YORK, NY.- Sotheby’s today announced that its Board of Directors has concluded its CEO search and appointed Tad Smith as President and Chief Executive Officer, effective March 31, 2015. Smith will also join the Sotheby’s Board of Directors. He succeeds William F. Ruprecht who has served as CEO since 2000.

Smith, 49, has been President and Chief Executive Officer of the Madison Square Garden Company since February 2014. In this role, he oversaw the overall strategy and day-to-day operations of MSG Sports, MSG Media, and MSG Entertainment.

Sotheby’s also announced it will separate the roles of Chairman and Chief Executive Officer and that the Board has elected Lead Independent Director Domenico De Sole to succeed Ruprecht as Chairman of the Board.

“Tad Smith’s appointment is the result of a thorough search process to identify an extraordinary leader to build on Sotheby’s strengths,” said De Sole. “The Board is unanimous in its view that Tad is the ideal CEO for the Company. He is a proven leader and value creator with CEO experience, strategic vision, brand-building expertise, an ability to understand and serve client needs, and a track record of driving revenue and profit growth. He also has a passion for art and collectibles. We welcome him to Sotheby’s. On behalf of the Board, I also want to thank Bill Ruprecht for his exemplary service over the past 35 years. We deeply appreciate all he has done to put Sotheby’s in a strong position for continued success.”

Smith said, “With its strong relationships in the art world, trusted brand, and exceptional team, Sotheby's has a very bright future. I am thrilled to join the company and look forward to tapping my experiences from related industries to help develop and implement its growth strategy, accelerate adoption of new technologies, allocate capital effectively, and drive the creation of sustainable shareholder value in the coming years.”