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Ex-Sotheby’s Chief Leaves New Co.

December 11, 2001

BLOOMFIELD HILLS, Mich. (AP) _ Former Sotheby’s Chairman A. Alfred Taubman stepped down as chairman of the real estate company he founded less than a week after he was convicted in a price-fixing scheme at the auction house.

``It is of course difficult for me to step away from the leadership of the company I founded,″ Taubman said in a news release Tuesday, ``but I believe this is the right thing to do at this time. I have great confidence in the company’s continuing success.″

Taubman’s son, Robert Taubman, president and chief executive officer, will take over as chairman of Taubman Centers Inc. The real estate investment trust owns, develops, acquires and operates urban and suburban shopping centers.

A federal jury found Alfred Taubman guilty on Dec. 5 of conspiring with former Christie’s Chairman Anthony Tennant in a scam that stole as much as $400 million in commissions from sellers from 1993 to 1999.

Taubman, 76, has denied involvement in the scheme.

He faces up to three years in prison for conspiracy to violate antitrust laws. He is scheduled to be sentenced on April 2.

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On the Net:

Taubman Centers, http://www.taubman.com

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