Sillerman Forced Out As SFX CEO, Will Resign Within 60 Days
Crotch grabbing, middle finger pointing Robert Sillerman was controversial as the head of Clear Channel Concerts (now Live Nation) and his "screw you" attitude only become more pronounced as he rolled up the world of EDM in the publicly traded conglomerate SFX Entertainment.
Robert Sillerman will resign within 60 days as CEO of SFX Entertainment, but remain Chairman of the board. The resignation was a condition of investors and bondholders who have a agreed to write off more than $300 million as part of a Chapter 11 Bankruptcy petition.
SFX Entertainment attorney Nancy Mitchell, told a U.S. Bankruptcy Court in Delaware that Sillerman will be replaced on an interim basis by Michael Katzenstein, the EDM giant's recently appointed chief restructuring officer, reports Reuters.
MORE: SFX Files For Bankruptcy, Erases $300 Million In Debt
