Randy Phillips has stepped away from his position as CEO of LiveStyle and is working for the company's investors as a consultant as LiveStyle prepares to sell more of its assets, Billboard has learned.
"I may have stepped down from the CEO position, but im not stepping away from the company," Phillips tells Billboard, saying his exit after turning around the company post-bankruptcy had been planned for some time. "It's kind of like the military — I was given my mission and I fulfilled my mission," he says.
Phillips said he plans to shift his focus to boy band Why Don't We, which he manages, telling Billboard "they are really starting to take off and it was important to me that I could tell Craig Kallman (Atlantic Records chairman) and Max Lousada (CEO of WMG) that I'm 100% in."
The news comes after the success of Electric Zoo, which brought more than 107,000 fans to New York's Randall's Island over Labor Day weekend, its highest attendance since 2013. The longtime entertainment industry executive helped turn around the company formerly known as SFX and created by businessman Robert F.X. Sillerman. Years after leading a buyup of regional promoters that would eventually pave the way for the creation of Live Nation, Sillerman attempted to recreate his sucess buying up dance promoters like Disco Donnie Presents and ID&T in the Netherlands. Less than two years after launching, the company became insolvent and Sillerman was eventually pushed out by investors and debtors who took over the company.
Phillips was brought on "as a gun slinger to clean it up, get it functional and prepare it for sale and that’s what we are doing now," he told Billboard. After leading the sale of a number of assets including Flavours and Paylogic to See Tickets, and the hiring of HARD Summer founder Gary Richards, the company was able to turn around in a year, going from $30 million in losses to $20 million in earnings.
Phillips said Liontree has been brought on to help with a sale of more of the company's assets, which will likely include Dutch promoter ID&T, creators of Mysteryland. He also points to the success of Beatport, an online marketplace for DJs and music creators, as key to the turnaround.