Sotheby's Taps Former Bain Capital Executive as Finance Chief

International auction house Sotheby's has named Michael Goss, a former partner and managing director at Bain Capital, as chief financial officer, the company said Thursday.

The move, effective March 28, comes after former finance chief Patrick S. McClymont stepped down in December. Dennis M. Weibling has served as interim CFO since the start of the year.

Tad Smith, Sotheby's chief executive officer, said Mr. Goss's "wealth of experience and leadership at the most senior levels of global finance and business" would be "invaluable" at Sotheby's, which has recently faced lower commission revenue because of weaker sales in higher-margin categories.

However, Sotheby's performance in recent quarters has been boosted by inventory sales and the performance of its finance segment.

Mr. Goss, 56 years old, had been a partner and managing director at Bain Capital from 2001 to 2013, and had also served as the firm's CFO from 2001 to 2011, as its COO from 2004 to 2011, as well as head of investor relations from 2012-2013. Earlier in his career, he had been finance chief at Playtex Products and Digitas Inc.

Sotheby's installed a new CEO, Tad Smith, last March amid increasing clamor from activist shareholders calling for a leaner, more profitable business.

Sotheby's last week said it had swung to a loss in the final quarter of the year as the company booked a hefty income tax charge as it brought home foreign earnings, though adjusted profit and revenue beat expectations.

Mr. Smith has previously warned the company will "likely have one or more difficult quarters as we ride through the current cycle."

Mr. Weibling, the interim finance chief, will remain on Sotheby's board, Mr. Smith said Thursday.

Write to Joshua Jamerson at [e-mail]

(END) Dow Jones Newswires

March 03, 2016 08:35 ET (13:35 GMT)

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