Hans Neuendorf, 74, founder and CEO of artnet AG, has resigned today and will be succeeded by his son, Jacob Pabst. The announcement was made by the company today in an email and was later reported by the news media. The decision was made by the company’s Supervisory Board, which saw two of its three members elected as new members earlier this year.
Mr. Pabst, 39, has worked for artnet since 2000 and was chosen to head up the New York office that January. According to information currently available, Mr. Neuendorf will remain with the company as a consultant.
The resignation comes three weeks prior to artnet AG’s annual meeting of shareholders, which will be held in Berlin on July 11. artnet shareholders have not yet been asked to approve the change in CEO nor have they been provided with information about the terms of Mr. Pabst’s appointment or the terms of Mr. Neuendorf’s resignation.
artnet’s share price is up 3.6% to EUR 6.3 on today’s announcement amid general decline in world stock market indices.
On a related note, it was also reported that artnet would close its magazine business—artnet Magazine—effective Monday, June 25.
Skate’s continues to voluntarily refrain from analysis of artnet AG given the fact that Skate’s founder, Sergey Skaterschikov, is also on the board of Redline Capital Management SA (www.redline.lu), a Luxembourg-based asset management firm that recently became one of the largest minority shareholders in artnet AG.