Sotheby's CEO William Ruprecht To Step Down

(RTTNews) - Auction house Sotheby's (BID) said Thursday its Chief Executive Officer William Ruprecht will step down by mutual agreement with the board.

Ruprecht, who has served as CEO since 2000, will continue as chairman, president and CEO until his successor is in place to ensure a smooth transition, the company said.

The decision to step down comes just months after hedge-fund activist Dan Loeb joined the company's board, and urged it to be a leaner and more profitable organization.

Earlier this month, Sotheby's said its third-quarter loss narrowed from a year ago, despite lower revenues, led by reduced expenses and an income tax benefit.

BID closed Thursday at $39.23, down $0.07 or 0.18%, on a volume of 716k shares on the NYSE. In after hours, the stock gained $2.79 or 7.11%.