Interim CEO known as a turn around specialist.
As expected (Billboard.biz, July 20), Tower Records named Joseph D’Amico as interim CEO, succeeding Allen Rodriguez, who is leaving the chain, with the expiration of his contract.
D’Amico, known as a turn around specialist, previously was senior managing director at FTI Palladium Partners, a financial consulting firm, and before that was a senior partner at PricewaterhouseCoopers.
Tower Records, which runs 89, U.S. stores, is currently believed to be in negotiations for its sale to an undisclosed suitor, while at least two other bidders wait on the sidelines to see how those talks play out.
A Tower statement says D’Amico main strategy to execute is the sale of the company. “I believe that Tower presents a rare opportunity for the right party to leverage a renowed brand name, unique physical locations, and an award-winning online presence,” D’Amico said in a statement. “Tower Records is a true icon in the entertainment industry.”