There is a change at the top of the global auctioneer firm.

Sotheby’s, the global auction house, has appointed Tad Smith as chief executive. He will take on the role from 31 March, replacing William Ruprecht, who has served in the post since 2000.

Smith will also join the Sotheby’s board of directors. He has been president and CEO of the Madison Square Garden Company since February 2014. In this role, he oversaw the overall strategy and day-to-day operations of MSG Sports, MSG Media, and MSG Entertainment.

The auction house also said it will split the roles of chairman and CEO; its board elected lead independent director Domenici De Sole to replace Ruprecht as chairman.