Smith Exiting MSG to Join Sotheby's as CEO

Madison Square Garden Co. CEO Tad Smith is leaving the company to become CEO of auction house Sotheby's. He will assume his new role on March 31.

MSG said it has commenced a search for his replacement. In the interim, MSG executive chairman James Dolan will oversee MSG's activities backed by the senior management team in place overseeing the company's media, sports and entertainment businesses.

"This last year at MSG has given me a lifetime of memories, and I want to thank Jim Dolan and the incredible people who make up the MSG family for letting me be part of what has been an unforgettable experience," Smith said in a statement. "With its iconic and beloved brands, MSG is truly unlike any other company in the world and is clearly well positioned for a tremendous future. Taking this new position was a very difficult decision for me, but is an opportunity that I could not pass up."

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