According to Sotheby’s, CFO Patrick S. McClymont has resigned to “pursue other opportunities.” Dennis M. Weibling, a member of the auction house’s board of directors and chair of both its audit committee and private equity fund, is set to step in as an interim replacement.
McClymont, who has acted as Sotheby’s CFO since October of 2013, will remain with the company until the end of January to ensure a smooth transition. As part of his severance, he will receive $3.75 million in cash.
Back in November, Sotheby’s announced a series of voluntary separation programs. These will result in the departure of 5 per cent of its global head count, or approximately 1,600 employees. CJ
