When SFX Entertainment stock rose to $12 a share back in 2013, many thought the company was on a collision course for great success. Nearly three years later the company filed for Chapter 11 bankruptcy and the party subsequently ended. Now the company's former fearless leader, Robert FX Sillerman, is stepping down as CEO to give way to the new regime who will look to right the sinking ship moving forward.
In a document obtained by Billboard, Sillerman writes a letter to his employees, giving what seems like a pump-up speech at times, but mostly encouraging everyone to push on and "find the path to success that is out there." The SFX story is far from over, but the former leader is definitely finished. You can read his full statement 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.