French billionaire François-Henri Pinault has been named chairman of Christie's, the auction house announced Friday. Pinault, who also chairs Artemis and recently became chairman of Kering, succeeds his father, François Pinault, who will remain honorary chair.

Bryan Lourd, CEO and co-chairman of Creative Artists Agency, has also joined Christie’s board as a nonexecutive director. Christie’s CEO Bonnie Brennan thanked the Pinault family for 28 years of stable ownership, while François-Henri Pinault called the appointment a “privilege” and reaffirmed the family’s commitment to strengthening the company’s expertise and innovation. Lourd said he looks forward to supporting Christie’s efforts to champion artists and connect with global audiences.

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