Sotheby’s Announces New CFO

(Courtesy Getty Images)

(Courtesy Getty Images)

Sotheby’s has replaced its CFO. The move comes as no surprise, as a number of activist investors have recently taken stake in the company, with the goal of shaking up its higher governance.

Patrick S. McClymont, formerly of Goldman Sachs, replaces William S. Sheridan, a 17-year veteran of Sotheby’s.

The full (oddly formatted) release follows:

September 23, 2013, NEW YORK ? Sotheby?s today announced that William S. Sheridan, Executive Vice President and Chief Financial Officer, is leaving the Company after 17 years of service. Patrick S. McClymont, a partner and managing director at Goldman, Sachs & Co., was named to succeed Mr. Sheridan, effective Oct 7.

?I want to thank Bill for his many years of stewardship and service,? said Bill Ruprecht, Chairman and Chief Executive Officer. ?He contributed a great deal to Sotheby?s during his 17 year tenure, especially through the Company?s anti-trust matter. I will always be grateful for the guidance Bill provided as the Company navigated through highly complex finance and regulatory environments.?

Mr. Sheridan was a long-time partner at the accounting and consulting firm Deloitte & Touche LLP prior to coming to Sotheby?s in 1996 as CFO. He remarked, ?I have had the privilege of working with a highly skilled, highly professional finance, investor relations and information technology team at Sotheby?s that I invested in and helped build, and they deserve an enormous amount of credit for all that we accomplished. It has been a true pleasure to be part of Sotheby?s and now I look forward to spending more time with my family and focusing on charitable work,? he said.

Mr. Sheridan will remain with Sotheby?s through the end of 2013 to support the CFO transition.

Mr. McClymont joins Sotheby?s from Goldman, Sachs & Co., where he has been a partner and managing director in the Investment Banking Division. In this position, he led client relationships and provided strategic and corporate finance advice to companies across multiple industry sectors, including Sotheby?s, which he advised on strategic and financial matters for a number of years. A 1991 graduate of Cornell University, he joined Goldman, Sachs in 1998.
?We are very fortunate that in Patrick we have someone with sterling credentials, extensive financial expertise, and a deep knowledge of our business. We welcome him to Sotheby?s,? said Mr. Ruprecht.