German-based art market platform Artnet has announced its longtime CEO, Hans Neuendorf, will be stepping down as of July 1.
Jacob Pabst, Artnet’s current president and Neuendorf’s son, will be taking over as CEO.
“It’s a good thing, though!” said Neuendorf to Businessweek. “The new generation is taking over.“
Meanwhile, two shareholders are hovering in the wings, weighing a bid to acquire the art-market-data provider next month—a move which Neuendorf opposes.
Artnet also announced it is ending its online magazine, a move which should increase the company profits by about $2.5 million dollars in the coming year.
Artnet stock has gained 54% so far in 2012. Artnet’s main rival, French-based Artprice.com, has not kept up, with shares falling more than 50% this year.
Both websites serve as major resources for art-market professionals, including dealers, auction houses and art lenders.