CFO Resigns Following Outburst by CEO James Dolan at Sphere
The financial director for the MSG Sphere left his role last week following a harsh scolding from the legendary, difficult-to-please billionaire proprietor of the Sphere and Madison Garden, James Dolan, reports the New York Post.
For almost a year, Gautam Ranji had been the CFO for Dolan's venue next to the Venetian, which commenced operations on September 29 with a rave review from both critics and audiences during U2's critically and commercially successful residency.
Ranji tendered his resignation last Monday, as per the Post, giving the company only four days prior notice. Greg Brunner, senior VP, controller, and chief accounting officer of the Sphere, filled in for his duties promptly on the following Monday.
According to a securities filing on Friday, Ranji's departure was not connected to any disagreements with the independent auditors or anyone from management over accounting principles, financial disclosure, or internal control practices.
On the other hand, a source quoted by the Post contradicted this official statement, claiming Dolan was shouting and screaming at Ranji during a gathering of top executives, called primarily to fine-tune Sphere Entertainment's quarterly financial figures.
The subsequent presentation, delivered on Wednesday, showed that the Sphere sustained a quarterly operating loss of $98.4 million, which the company attributed to "higher depreciation and amortization, operational expenses, and selling, general, and administrative costs."
This source also revealed that Ranji "calmly" walked out of the meeting and submitted his resignation to the company's general counsel.
Third Person To Exit
Ranji is the third key individual to leave the Sphere organization. In February, Dolan fired president Lucas Watson and head of business operations Jenna Wolfenson, ultimately taking a more active role in steering the venue since.
Dolan's portfolio also encompasses Madison Square Garden, Radio City Music Hall, the New York Knicks and Rangers, MSG Sports, and AMC Networks, among others, each of which has recently experienced executive departures.
In 2019, former MSG Entertainment president Seth Abraham, when interviewing Bloomberg News, recounted some advice he picked up - disagreements with Dolan were best resolved in a public setting, such as a restaurant, in an attempt to steer clear of his "volcanic disposition."
The Post's source characterized Dolan as "the ultimate hammer" who "treats everyone like a nail."
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Source: www.casino.org
