Business News Live Business Top Stories

Randy Phillips confirmed for post-bankruptcy SFX board in recent filing

By | Published on Monday 7 November 2016

SFX Entertainment

A recent filing outlining how a post-bankruptcy SFX will be governed has confirmed that former AEG Live boss Randy Phillips is set to be CEO of the all-new streamlined debt-lite dance music firm.

Phillips was linked to the top job at the all-new SFX back in July. He departed his senior role at AEG’s live music business back in 2013, then popping up for a short stint running Global Radio’s music company as it expanded its operations, especially into the live space.

While, if the current bankruptcy plans get the go ahead, Phillips will find himself atop a much more healthy SFX than the one that collapsed somewhat spectacularly at the start of the year – and with a decent portfolio of dance music festivals too – he’ll still face a challenge in turning round the fortunes of the company.

Phillips will also sit on the board of the all-new SFX, alongside three bankers and Charles Ciongoli, a record industry veteran who spent much of his career at Universal, before also popping up at Global Entertainment. He will now seemingly follow his former colleague there to SFX where he will be CFO.

The bankers on the board, representing the firm’s former money-lenders and new owners, will be Axar Capital’s Andrew Axelrod, Allianz Global Investors’ Douglas Forsyth and Carlyle Group’s Nils Larsen.

This is all according to a recent filing by SFX, reported on by Amplify. The EDM business had hoped to get the green light for its plans and come out of bankruptcy this month, though it now looks more likely that that will happen in early 2017.

Unless something scuppers all that in the final stages, Phillips and the new board will then start running the shop, while back in the courts various disputes between SFX, its founder Robert FX Sillerman and former shareholders are likely to rumble on for some time.

According to Amplify, beyond the board a number of key execs from the various festivals and companies SFX bought during its big acquisition spree will have senior management roles in the new business, including Electric Zoo Project Director Adam Richman who will be SVP of the firm’s key festival division.