February this year, Robert FX Sillerman’s plans to reign the EDM world with his venture, SFX Entertainment, came crashing down when he was filed for Chapter 11 bankruptcy protection. When looking at the company’s financial records, there has been a clear overreach of expenditure. The company had acquired promoters promoters ID&T (who are responsible for Tomorrowland, TomorrowWorld and Mysteryland festivals), Made Event (Electric Zoo) and Disco Donnie Presents, as well as artist management firm TMWRK and dance-music download/streaming service Beatport, all within a very short period of time.

On March 31, Sillerman announced that he will be stepping down as CEO.

Sillerman compiled a farewell letter for the company’s staff:

“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.”

via Billboard