SFX's Sillerman Pens Farewell To The Troops
March 31, 2016 at 12:13 PM (PT)
ROBERT FX SILLERMAN's bold shot at an EDM empire went belly-up earlier this year, when SFX ENTERTAINMENT filed for Chapter 11 bankruptcy on FEBRUARY 1st (NET NEWS 2/2). It had been less than three years when the company went public with a price share of $12 before dropping to as low as a nickel at the time of its demise.
SILLERMAN announced he would step down as CEO today with a farewell letter to the company's staff on TUESDAY (MARCH 29th). He will remain, for the time being, as Chairman Of The Board.
Below is the text of his letter:
As most of you are aware THURSDAY, MARCH 31st, 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.