Sotheby's Taps Former Bain Capital Executive as Finance Chief
March 03 2016 - 8:50AM
Dow Jones News
International auction house Sotheby's has named Michael Goss, a
former partner and managing director at Bain Capital, as chief
financial officer, the company said Thursday.
The move, effective March 28, comes after former finance chief
Patrick S. McClymont stepped down in December. Dennis M. Weibling
has served as interim CFO since the start of the year.
Tad Smith, Sotheby's chief executive officer, said Mr. Goss's
"wealth of experience and leadership at the most senior levels of
global finance and business" would be "invaluable" at Sotheby's,
which has recently faced lower commission revenue because of weaker
sales in higher-margin categories.
However, Sotheby's performance in recent quarters has been
boosted by inventory sales and the performance of its finance
segment.
Mr. Goss, 56 years old, had been a partner and managing director
at Bain Capital from 2001 to 2013, and had also served as the
firm's CFO from 2001 to 2011, as its COO from 2004 to 2011, as well
as head of investor relations from 2012-2013. Earlier in his
career, he had been finance chief at Playtex Products and Digitas
Inc.
Sotheby's installed a new CEO, Tad Smith, last March amid
increasing clamor from activist shareholders calling for a leaner,
more profitable business.
Sotheby's last week said it had swung to a loss in the final
quarter of the year as the company booked a hefty income tax charge
as it brought home foreign earnings, though adjusted profit and
revenue beat expectations.
Mr. Smith has previously warned the company will "likely have
one or more difficult quarters as we ride through the current
cycle."
Mr. Weibling, the interim finance chief, will remain on
Sotheby's board, Mr. Smith said Thursday.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
March 03, 2016 08:35 ET (13:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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