One of the highest-ranking executives at the ‘Sphere’ surprisingly stepped down on Friday without any context. Gautam Ranji resigned from his role as Chief Financial Officer at Sphere Entertainment Company, according to a new SEC filing.
Ranji, who previously held the CFO position for MSG Sphere in Madison Entertainment Corp., was appointed to his most recent position earlier this year. It is unclear as to why he is not returning, but it had nothing to do with internal matters.
The filing says that Ranji’s resignation was “not prompted by a dispute within the company.”
However, the timing of the decision is rather strange. The Sphere first lit up its exosphere on the 4th of July and it only opened its interior at the end of September.
Located at the Venetian Resort in Las Vegas, the Sphere has quickly become the most viral concert venue in the world. It is an immersive experience that continues to captivate social media with each new video and image.
By all accounts, the first full month open was a great success. Every one of U2’s concerts are sold out through mid-February. Darren Aronofsky’s film ‘Postcard from Earth’ is blowing minds on a daily basis.
For the highest-ranking executive on the financial side of the business to suddenly step down comes as quite the surprise. Perhaps there is more to the story. Perhaps not.
Either way, Ranji will not continue forward with Sphere Entertainment Company as it looks to expand. Plans are in the works to open similar venues all across the world. MSG Sphere London is already in the works, though not yet approved.
While Sphere tries to take over the world, Ranji will move on to a new venture. The company is going to pro-rate his cash incentives and vested stock units.
Sphere stock was down 0.9% postmarket immediately after the announcement was made. Greg Brunner, who currently serves as Sphere’s controller and principal accounting officer, will take over Ranji’s role on an interim basis.
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