Madison Square Garden CEO Tad Smith Resigns to Lead Sotheby's

Madison Square Garden

Executive chairman James Dolan will oversee MSG on an interim basis.

Madison Square Garden Co. said Monday that Tad Smith has resigned as president and CEO to take over as president and CEO of auction house Sotheby's.

The company, controlled by the Dolan family, which also owns Cablevision Systems, said that executive chairman James Dolan would oversee MSG on an interim basis "backed by the experienced senior management team in place overseeing the company's media, sports and entertainment businesses."

Smith, 49, will remain with the company until the end of the month as MSG starts an immediate search for a successor, the firm said.

Sotheby’s said that Smith would take over at the company on March 31. He succeeds William F. Ruprecht who has served as CEO of the auction firm since 2000. Sotheby’s also announced it will separate the roles of chairman and CEO, with lead independent director Domenico De Sole becoming chairman.

Said Smith: "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. 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."

Smith joined MSG in March 2014 as president and CEO, overseeing all aspects of the company, including the overall strategy and day-to-day operations of MSG Sports, MSG Media and MSG Entertainment. Prior to MSG, Smith spent five years at Cablevision, where he last served as president of local media, responsible for Cablevision Media Sales, the company's digital and linear television advertising sales division, News 12 Networks and Newsday Media Group.