Phillips public sale home has appointed Bernd Runge, a former writer at Condé Nast and Interview Journal, as its new COO. Runge, who beforehand served as Phillips’s CEO from 2009 to 2013, returns as the home undergoes a major shift in its management.
In line with public filings with the UK’s company register, Runge, a German citizen, assumed the position on the finish of final month after departing Interview Journal. Information of Runge’s appointment by Phillips was first reported in Puck’s “Wall Energy” e-newsletter.
He led Phillips earlier than its 2017 acquisition by Russian retailer Mercury Group. In 2018, Runge joined Mercury’s government board however stepped down in October 2020, in keeping with his LinkedIn profile.
Phillips Belongings Restricted, the holding firm overseeing the public sale home’s UK, European, and US areas, reported a 21 % decline in turnover between 2022 and 2023, bringing income to only underneath £100 million. Monetary losses continued to mount, rising from £17.4 million in 2021 to £30 million in 2022 and £50 million in 2023.
A director’s report, signed by Phillips’s CFO, attributed the losses to declining gross sales development. Christie’s, a competitor to Phillips, additionally reported the same downturn in the identical interval. In line with filings for Christie’s Worldwide PLC, a holding firm that covers the accounts of most of the firm’s worldwide areas, income fell from £125 million in 2022 to £74 million in 2023. Regardless of this decline, a an audit acknowledged that Christie’s had adequate capital to satisfy monetary targets by means of 2024 and 2025.
Runge’s appointment follows the resignation of Ed Dolman, Phillips’s former CEO and government chairman, who will transition to a consulting position in Might 2025. Dolman, who joined Phillips in 2014 and have become government chairman in 2021, mentioned he had plans to stay within the arts, however has not disclosed any particulars associated to future tasks. Amanda Lo Iacono, Phillips’s deputy chief government, additionally stepped down after eight years with the corporate.
A Phillips spokesperson declined to touch upon the management modifications or Runge’s appointment.
