Without Heirs, Larry Gagosian Finally Plans for Succession
The artist Larry Gagosian, a friend and former protégé of Martin Scorsese, has announced his plan to step down as the president and chief executive officer of his firm. The announcement is a surprise and not at all unaccustomed to the Gagosian family given his age and the fact that he has continued to rise through the ranks, making it to the very top, and then to the Board of Directors. The announcement came today as Gagosian, now 81, is hospitalized with a pulmonary embolism that led to a sudden collapse and heart attack and is the reason he is currently bedridden. Gagosian was at the Beverly Hills Hotel to announce his resignation along with Chief Creative Officer Bruce Lundvall and Chief Operating Officer Peter Goldmark. The announcement was made in a letter to the Board of Directors and the firm as a whole. Gagosian’s plan outlined a three-year plan for the company that it says will help “renew the Gagosian legacy.”
In a statement, Gagosian said, “I am confident that my successor can continue the Gagosian tradition of visionary quality in design and manufacture.”
Lundvall and Goldmark will “take over the reins of the company for the next 3 years.”
According to The Hollywood Reporter, Gagosian’s role at Gagosian and his decision to step down were announced last fall when then head of the studio, Bob Daly, said that Gagosian “has had an extraordinary run of successful years and I think it’s time for him to move onto the next chapter of his life.”
Gagosian and his wife, Mimi, are based in Manhattan’s Chelsea neighborhood, where their daughter lives. He is of Lebanese descent.
It’s said that Gagosian’s legacy will continue, but there’s good reason to believe that the man’s decision to step away will be permanent.