NEW YORK (CelebrityAccess) — Ahead of his exit from his company, Robert FX Sillerman has circulated a farewell letter to company staff at SFX Entertainment, the electronic music promoter that he helped to found.
Sillerman's ouster follows the company's February filings seeking Chapter 11 bankruptcy protection as the promoter seeks to restructure more than $300 million in debt accrued through big ticket acquisitions of other companies in the EDM space, including promoters ID&T, Made Events, and Disco Donnie, as well as other ancillary services such as electronic music download service Beatport.
In his farewell letter, circulated to company staff on March 29th, Sillerman is candid about his feelings regarding his exit and the current situation of the company. The letter, acquired by Billboard, is included 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.