30-10-2019
French billionaire Patrick Drahi who recently bought Sotheby’s at US$2.7billion has appointed Charles F. Stewart the co-president and CFO of its telecommunications company Altice USA since 2016 as the new CEO. The change is effective immediately.
Before Stewart leaded Altice USA, he was the CEO of Itau BBA International and spent 19 years at Morgan Stanley as an investment banker in New York, London and Brazil.
Under the terms of Drahi’s acquisition deal, Sotheby’s shareholders received US$57 for every share of Sotheby’s common stock. Tad Smith, now the former auction house’s CEO will leave with US$28 million.