Exiting, stage left
Furman, Maisel ankle Livent; Webster will be CEO
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Livent exec VP Rob Webster will become CEO concurrent with the two execs' departure, a move that had been expected by the Gotham theater community.
Furman will remain chairman of the Livent board of directors, and Webster will join the board as a director. Webster, previously a partner in KPMG Peat Marwick's national U.S. M&A practice, joined Livent in July. He was responsible for the internal investigation into an eight-year accounting scheme that federal authorities described as "massive" and "brazen" fraud and has overseen the company's bankruptcy process since it filed for protection in November.
Furman, in a statement, called Webster "the ideal person to lead Livent."
Asset deal looming
The company reached a definitive purchase agreement with SFX Entertainment on June 1 that would have SFX buying substantially all of Livent's assets for close to $115 million. Meanwhile, an auction is skedded for July 7 in U.S. Bankruptcy Court, one that could still allow a higher bidder to snatch up Livent provided a competing offer clocks in $5 million higher than the one SFX has tendered.
"Having joined Livent together one year ago, David and I are pleased that there is a meaningful bid for Livent's assets and that the quality of the company's product was recognized by the Tony for 'Fosse,' " Furman said. "Given these developments, David and I felt it was the appropriate time for us to move on."
Considering options
It is not clear whether Furman will return to work on Wall Street. The soon-to-depart CEO previously worked at Furman Selz, the investment house he co-founded.
Likewise, Maisel is understood to be entertaining several opportunities, but none that the exec was willing to comment on.
Livent is the leading producer of live theater internationally. Its Broadway productions have won 23 Tony Awards, including this year's prize for best new musical for "Fosse."
