"We had a bold vision, a revolutionary one," says the founder of the bankrupted dance music company.
In the letter, Sillerman said: "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." The company filed for chapter 11 bankruptcy on February 1st, at which point it was announced that Sillerman would be replaced as CEO. (Though he is staying on as chairman of the SFX board.) One month later it was revealed that one of its key assets, online retailer Beatport, was up for sale, with an auction taking place in May.
Here's Sillerman's letter in full, via Billboard:
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.
Photo credit: Greg Campbell