Solidarity resignation exodus of 15 +Sotheby's fine art senior staff, representing 335 years combined experience creates unprecedented client uncertainty/instability as CEO #TadSmith celebrates one year anniversary. Tad Smith tenure as CEO blemished by parade managerial missteps; -40% decline in value Sotheby's stock; -63% decrease profit; -3% sales decline, all reducing shareholder value
The massive staff resignations come on the heals of CEO Smith's inappropriate decision to buy 2 year old Art Agency Partners start-up for $85 million, immediately providing $20 million windfall each to +Christie's
and art advisor #AllanSchwartzman
, the latter with zero auction house experience.
Bizarrely, Smith not only decided to disrupt Sotheby's senior staff pay scale by paying $20 million each to Cappellazao & Schwartzman, but ignorantly promoted the Cappellazzo/Schwartzman team to fine art co-chairman, resulting in chaos and resentment as the combined 335 year tenure of experience team was forced to report to the start-up twins.
believed Art Agency Partners would immediately solve Sotheby's private sales deficiency, but failed to anticipate the management chaos caused by the $85 million acquisition .
It is only a question of time shareholders and activist can remain patient given the destructive track record of CEO Tad Smith.
Most likely, Dan Loeb will be forced to replace Smith when he recognizes staff and client turmoil is only exacerbated each day he remains CEO.
Here is roster of 15 Sotheby's employees who have resigned, including their respective years service:#AileenAgopian
, 5 years
Senior VP, International senior contemporary art specialist#MelanieClore
, 35 years
European chairman and worldwide co-chairman of Impressionist and modern art#AnthonyGrant
, 26 years
Vice Chairman, international senior specialist, contemporary art#MietyHeiden
, 18 years
Senior VP, head of contemporary private sales for North America#PatrickMcClymont
, 2 years
Chief financial officer#DavidNorman
, 31 years
Vice chairman of Sotheby's Americas#ScottNussbaum
, 12 years
Contemporary art specialist #AlexRotter
Global co-head contemporary art department#PollySartori
, 15 years
Head of 19th-century European paintings#MatthewWeigman
, 31 years
Director, worldwide sales publicity#WarrenWeitman
, 37 years
Chairman for North and South America #CheyenneWestphall
Global co-head contemporary art department#ElaineWhitmire
, 35 years
Vice chairman, head of specialists, decorative arts#HenryWyndham
, 22 years
Chairman of Sotheby's Europe#MitchellZuckerman
, 27 years
Executive VP of global operationshttp://bit.ly/SothebysSolidarityExodus