LOS ANGELES (CelebrityAccess) — Randy Phillips is stepping down from his role as CEO at LiveStyle to serve as a consultant while the firm seeks to sell assets.
According to Billboard, Phillips says his exit was planned after the company stabilized following its exit from bankruptcy reorganization.
Originally formed as SFX Entertainment by music mogul Robert Sillerman as he attempted to roll up key electronic music promoters and related companies.
However, the company went bust in early 2016, leading to the ouster of Sillerman, who was ultimately replaced by Phillips, who guided the company during its restructuring.
LiveStyle’s current assets include a 75% stake in the ID&T Music, Tomorrowland (In both the U.S. and Brazil), Mysteryland, Electric Zoo, Life in Color, and Thunderdome music festivals, as well as electronic music-adjacent companies such as digital music retailer Beatport and social media platform Tunezy.
According to Billboard’s Dave Brooks, Phillips plans to refocus his attention on managing the boy band Why Don’t We.
“[Why Don’t We] are really starting to take off and it was important to me that I could tell Craig Kallman and Max Lousada that I’m 100% in,” Phillips told Billboard.