Madison Square Garden loses Tad Smith as the latter resigns as it president by March. But, Smith will be one of the head of Sotheby’s auction house, Reports claimed.

Smith, 49, has headed Madison Square Garden (MSG) since Feb. 2014, overseeing strategy and day-to-day operations of MSG Sports, MSG Media and MSG entertainment. The company’s operations include Madison Square Garden itself, the mid-Manhattan home of the NBA’s New York Knicks and the NHL’s New York Rangers.

He will stay with MSG through the end of March as the company seeks a successor. In the interim, the company said MSG Executive Chairman James Dolan will oversee business activities with the firm’s senior management team.

At New York City-based Sotheby’s (BID), Smith will serve as president and CEO, succeeding William Ruprecht, who has been CEO since 2000, the company said.

Smith will also join the Sotheby’s board of directors. The company simultaneously announced it would separate the roles of chairman and CEO. The company board has elected lead independent director Domenico De Sole to succeed Ruprecht as board chairman.