Sotheby’s Chief Financial Officer Resigns

Patrick S. McClymont, chief financial officer of Sotheby’s, has resigned to “pursue other opportunities,” according to a statement.

Dennis M. Weibling will step in as interim CFO. Weibling is a member of the auction house’s board of directors and chair of its audit committee and has chaired private equity fund Rally Capital since 2004.

News accounts and analysts portrayed the move as another victory for the activist investors led by William Loeb, who last year forced the resignation of longtime CEO William Ruprecht. He was replaced by veteran media executive Tad Smith.

In November, Sotheby’s announced a series of voluntary separation programs, which will result in the departure of 1,600 employees, or 5 percent of its global head count.

McClymont, who has been the company’s CFO since October 2013, will remain with the company until the end of January to ensure a smooth transition. As part of his severance, McClymont will receive a parting gift of $3.75 million in cash, vesting of his 26,261 performance share units, 14,517 restricted stock units, and the cash portion of his 2015 incentive bonus.

 

JCK News Director