I guess you could say that yesterday was the end of an era, but it’s likely more appropriate to say that it’s beginning of a new one. Yesterday, Robert Sillerman officially stepped down as CEO of SFX Entertainment, a company that has been dragged through the mud for the past few months at least as it struggles with Chapter 11 bankruptcy and intense criticism from the media.
This does not mean that Sillerman will cut all ties with the company, however, as he will remain Chairman of the Board.
A farewell letter from Sillerman was circulated throughout the company on Tuesday, March 29. Read it below:
As most of you are aware Thursday, March 31, will be my last day as CEO of SFX. I will remain as Chairman of the Board. The disappointment I know we all feel should not be the lasting impression that remains. We had a bold vision, a revolutionary one. That we stumbled along the way can never detract from the energy and hope that brought us all together. As we enter this next phase, despite the place we find ourselves, there is much to be proud of. It remains incumbent on all of us to refocus our energies and find the path to success that is out there. I am confident that with renewed discipline combined with passion and creativity that our original goals can and will be met.
As Chairman I remain available to help in any way that I can. I maintain both an emotional and financial interest in our company’s success and intend to participate as and when called upon. As such this is anything but a goodbye; rather a reset of roles with a renewed emphasis on collaborative success. While we aren’t where we wanted to be, and will be, it has been an honor and a pleasure.