Live Nation Names Ridgeway CEO/International; Willard CFO
August 24, 2007 at 5:45 AM (PT)
LIVE NATION has promoted ALAN RIDGEWAY, who has served as CFO of the company since 2005, to CEO of the company's International Music Division effective SEPTEMBER 1st. RIDGEWAY will relocate back to the company's LONDON offices, where he will oversee all aspects of LIVE NATION's international business, which currently operates in 16 countries outside of the UNITED STATES and CANADA. RIDGEWAY will continue to report directly to CEO MICHAEL RAPINO.
Said RAPINO, "From 2002 to 2005 ALAN worked with me to build our International Music Division into what is now our largest and most profitable music business. As CEO of this division, ALAN will provide the leadership required to continue the expansion of our successful international operations."
LIVE NATION also ups KATHY WILLARD to CFO. WILLARD has worked for the company and its predecessors since 1998, where she most recently held the position of EVP/Chief Accounting Officer.
RAPINO commented, "KATHY is the ideal person to take on the role of LIVE NATION's CHEIF FINANCIAL OFFICER. Not only does KATHY have an extraordinarily strong accounting skill-set and work ethic, she has a long history within the industry and with this company, which will serve us well in this unique and changing music market environment."
Report: Live Nation Ditching Ticketmaster?
Meanwhile, THE NEW YORK POST reports LIVE NATION is contemplating ditching TICKETMASTER to start its own rival ticketing service. TICKETMASTER acknowledged in an internal memo to its staff that it is "doubtful" it will continue to supply tickets to many events controlled by LIVE NATION after 2008.
LIVE NATION is in the midst of renegotiating its contract with TICKETMASTER. The company, which is investing heavily in new digital technologies, is said to be kicking the tires on the notion of launching its own ticketing service in a bid to capture great profits from tickets and related sponsorships and marketing.
However, it would not affect all interactions between the two companies. Many arenas around the country have direct deals with TICKETMASTER. Those ticketing agreements would still be in place even if LIVE NATION is producing an event.
The move would come as a blow to TICKETMASTER. LIVE NATION is its biggest client and its events account for a reported 17% of TICKETMASTER's revenues.