SOTHEBY’S NAMES BOARD MEMBER DOMENICO DE SOLE LEAD INDEPENDENT DIRECTOR Co-founder and Chairman of Tom Ford International, former President and CEO of Gucci Group Brings high-end luxury brand experience and proven leadership to Board of Directors
Sotheby’s announced today that its Board of Directors unanimously elected Domenico De Sole as Lead Independent Director. Mr. De Sole is co-founder and Chairman of luxury retailer Tom Ford International and former President and Chief Executive Officer of Gucci Group N.V., which he took from a nearly-bankrupt single brand to a $3 billion luxury goods conglomerate. He was elected to the Sotheby’s Board on July 1, 2013 with the agreement that he would begin serving on Dec. 1, 2013. This new appointment takes effect immediately.
In addition to his executive leadership positions, Mr. De Sole has served on numerous public company boards. He is a current director at Gap Inc., and Newell Rubbermaid, Inc., and a former director at The Proctor & Gamble Co., Delta Airlines, Bausch & Lomb Incorporated and Telecom Italia, among others. He is a passionate and long-time collector of contemporary art and wine.
Steven B. Dodge, who has served as Lead Independent Director since the position was created in December 2012, sought a return to the role of Director because of increased personal and family matters that are unrelated to Sotheby’s.
“We’re very excited that Domenico has joined the Board and has also agreed to serve as Lead Independent Director. He brings blue chip experience in the high-end luxury space, in Board leadership, and in strategic executive roles envisioning the future of elite brands,” said Sotheby’s Chairman, President and Chief Executive Officer William F. Ruprecht. “The Board is grateful for the important contributions Steve Dodge made as Lead Independent Director during this past year and feels fortunate that he will continue to provide wise and invaluable counsel as a Director.”
Mr. De Sole said, “Sotheby’s is a unique global art company with a proud tradition of nearly 300 years and equally exciting opportunities ahead. I am eager to work with Bill and the other directors to strengthen and grow the Company, serve our clients, and deliver value to our shareholders.”
The Lead Independent Director is responsible for a series of leadership duties, including presiding at Executive Sessions of the non-management Directors, serving as a liaison between the Chairman and Directors, and shaping the agenda for meetings of the Board. The position was created in December, 2012 when Mr. Ruprecht was named Chairman in addition to his duties as President and CEO to ensure that Sotheby’s meets best practices in corporate governance.
Mr. Dodge said, “It has been a particular pleasure getting to know Domenico over the past months. I’m fully convinced the Company and Sotheby’s shareholders are going to be well served by his experience, his ideas, and his no-nonsense approach. I look forward to continuing to contribute to Sotheby’s as a Director and maintain my enthusiasm for the Company, its management, and its business prospects.”
Mr. De Sole’s appointment was announced in a Sotheby’s 8-K filing on July 1, 2013.
About Domenico De Sole:
· Chairman of Tom Ford International since co-founding in 2005.
· President and Chief Executive Officer of Gucci Group N.V., and Chairman of the Group’s Management Board, a post he held from 1995 to 2004. From 1984 to 1994, Chief Executive Officer of Gucci America. De Sole revitalized Gucci and took it from near-bankruptcy as a single brand to a $3 Billion fashion conglomerate by acquiring elite fashion houses including Yves Saint Laurent, Balenciaga and Bottega Veneta and young stars like Stella McCartney and Alexander McQueen.
· Partner with law firm Patton Boggs & Blow from 1970 to 1984.
· Board of Directors of GAP, Inc. (a clothing retailer), Ermenegildo Zegna (a manufacturer and marketer of men’s luxury clothing) and Newell Rubbermaid, Inc., and is a Member of the Advisory Board of Harvard Law School. Former member of Board of Directors of The Proctor & Gamble Co., Bausch & Lomb Incorporated, Telecom Italia S.p.A., and Delta Air Lines Inc.
About Sotheby’s
Sotheby’s has been uniting collectors with world-class works of art since 1744. Sotheby’s became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby’s presents auctions in eight different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby’s BIDnow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby’s offers collectors the resources of Sotheby’s Financial Services, the world’s only full-service art financing company, as well as private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby’s Contemporary Art department, and two retail businesses, Sotheby’s Diamonds and Sotheby's Wine. Sotheby’s has a global network of 90 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).
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