Sotheby's Recruits New CEO From MSG

Sotheby's on Monday named Tad Smith as its new president and chief executive, effective March 31. Smith, who on Monday announced his resignation from Madison Square Garden as CEO, replaces William Ruprecht, who said in November that he would step down after pressure from activist investors. Sotheby's said it elected lead independent director Domenico De Sole to the position of chairman of the board, after deciding to separate the roles of CEO and chairman. The stock, which was inactive in premarket trade, has lost 6.1% so far this year, while the S&P 500 has slipped 0.3%.