SFX Appoints New Top Execs Post-Bankruptcy, Randy Philips Named CEO
The future of former dance music behemoth SFX Entertainment has been an open question since the company filed for Chapter 11 bankruptcy protection in February, marking a stark fall for an organization that was worth as much as $1 billion after filing an IPO in October 2013. But court documents filed last week have finally confirmed a new management structure for the compaby, with former AEG Live chief executive Randy Phillips confirmed as the new CEO and President of the re-organized SFX Entertainment.
Phillips will also be part of a five-man executive board of directors, which will also include Andrew Axelrod, Douglas Forsyth and Nils Larsen, all representatives from the company's various debtors, as well as Charles Ciongoli, who will serve until Phillips appoints an independent director, court documents show. In addition to Phillips' top role, the high-level management structure will include Ciongoli as executive vice president and chief financial officer; Alan Walter as senior vice president; and Jason Barr as senior vice president, general council and corporate secretary.
That quartet will also be in charge of each of SFX's many subsidiaries, including Beatport; ID&T (TomorrowLand); Made Event (Electric Zoo), with festival director Adam Richman retaining an SVP title; Disco Operating LLC, with Donnie Estopinal and Michele Servais as vice presidents; and SFX-Nightlife Operating LLC, which will include LIV nightclub owner David Grutman as CEO of that division.
In July, Billboard reported that Phillips had been consulting with the company for the previous two months, and was expected to take the top job with an annual salary estimated in the $2 million range. Court documents did not reveal when the new management structure would take effect