Phillips Chief Government Stephen Brooks, who beforehand served as an govt at bigger rival public sale home Christie’s, has resigned. Brooke’s departure comes two-and-a-half years after he was appointed to develop the London-based public sale home’s international footprint and gross sales.
Brooks’ resignation was not associated to final 12 months’s gross sales decline, in response to an announcement from a Phillips consultant.Brooks formally resigned in December for “private causes,” an announcement mentioned To offer artwork information Introduced by Phillips Government Chairman Ed Dolman, who served as CEO from 2014 to 2021.
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Dorman, who oversees the corporate’s London-based board, will take over management of worldwide operations and have “full duty” for the corporate’s administration through the interval, a spokesman mentioned.
The management change comes after some elements of Phillips’ enterprise have been strained final 12 months. The public sale home reported that its international public sale gross sales fell by 15% between 2022 and 2023. In the meantime, its board determined to not pay dividends to the Russian homeowners of its holding firm after reporting a lack of UK public sale income in 2022, in response to monetary paperwork. October.
“Stephen has led the corporate by means of a interval of extraordinary development throughout his tenure, and his contributions have helped lay the infrastructure for Phillips’ continued success,” Dorman mentioned in an announcement. “I thank him for his contributions to the corporate. for his many contributions and need him all the most effective.”
Brooks took up the position in April 2021 at Phillips, the smallest of the three main public sale homes with headquarters in New York, London and Hong Kong.
Throughout Brooks’ practically three-year tenure at Phillips, he led the corporate by means of a number of strain factors: recovering from the pandemic’s impression on gross sales and coping with the fallout from the struggle in Ukraine, which threatened its Russian proprietor and its Relationships have been examined to the purpose of battle.throughout an interview artwork information In September 2021, simply months after taking up as CEO of Phillips, he described the corporate as “a dramatically modified group” that had tripled in measurement in 5 years below Dorman’s management. .
Beneath Brooks’ management, the model achieved file gross sales of $1.3 billion in 2022, up 8% from $1.2 billion the earlier 12 months and a rise from pre-pandemic ranges in 2019, earlier than Brooks took over. 32%. In the meantime, below Brooks, Phillips has additionally expanded in Asia, opening a brand new headquarters in Hong Kong’s West Kowloon Cultural District final March. Nevertheless, the property reported an 8% drop in gross sales within the space between 2021 and 2022.
Brooks, who has a background in finance, got here to Phillips in 2020 after resigning as deputy CEO of Christie’s. Throughout his 11-year tenure at Christie’s, he oversaw totally different ranges of Christie’s enterprise operations, serving to to construction advanced monetary transactions round a few of Christie’s extra useful heaps.
Phillips declined to touch upon when the Home expects to call a brand new govt. Brooks couldn’t instantly be reached for remark. Arts Information.
