The president and chief executive of a major New York-based media firm has stepped down from his post. The Washington Post reports that Tad Smith resigned from his position with the Madison Square Garden Company.
Smith will move to auction house Sotheby’s at the end of March, taking a position as president and CEO.
MSG owns the famed Madison Square Garden arena in New York, along with the pro sports teams the New York Knicks, Rangers and Liberty, and a number of cable channels including Fuse, MSG, MSG+ and other regional sports nets.
MSG was spun off from Cablevision in 2010, and Cablevision President and CEO James L. Dolan is MSG’s executive chairman.
“Smith has served as president and CEO of Madison Square Garden since March 2014. The 49-year-old executive oversaw all aspects of the company, including overall strategy and day-to-day operations of MSG Sports, MSG Media and MSG Entertainment. Smith spent five years at Cablevision Systems Corp. before joining Madison Square Garden Co.,” The Post reports.
The company revealed today that it is starting an immediate search for a successor to Smith, with Dolan to oversee the operations in the interim.
Smith will succeed William F. Ruprecht as Sotheby’s president and CEO, and will take a position on the board, the report notes.