Sothebys (BID) CEO William Ruprecht will be stepping down from his role at the company.

The decision for Ruprecht to step down as the CEO of Sotheby’s was a unanimous decision made by the company’s board on Thursday. Until a replacement is found, he will continue act as CEO, chairman, president, reports The Wall Street Journal.

“We are moving with a sense of urgency but we will take the time we need to find the right leader for Sotheby’s at this critical juncture in its continuing evolution,” Domenico De, an independent director and head of the search for a new CEO at Sotheby’s, told BusinessInsider.

The decision to have Ruprecht step down as the Sotheby’s CEO comes months after Dan Loeb, a hedge-fund activist, joined the board. Loeb and had called for the company to become leaner and even directly criticized Ruprecht in an public letter, WSJ notes.

BID shares were up 6% as of Friday afternoon.

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