What to Take Away
- After announcing an unexpected executive change, shares of Sphere Entertainment, the parent company of the Las Vegas Sphere, dropped Tuesday morning.
- Sphere stated that CFO David Byrnes “will be leaving the company,” but did not specify why.
- Since December, Byrnes has held the position.
- The unexpected departure of Chief Financial Officer (CFO) David Byrnes, who “will continue in his current role for an interim period to facilitate a smooth transition,” caused Sphere Entertainment (SPHR) stock to fall Tuesday morning.
Entertainment Sphere. DAVID BYRNES, EVP, CFO, and Treasury Manager at SPHERE Entertainment, has announced his departure from the company.
Since December of last year, Byrnes has served as the finance chief of the Las Vegas Sphere operator. Prior to that, he was the CFO of Madison Square Garden Entertainment (MSGE), which grew out of Sphere Entertainment in April 2023.
Byrnes’ departure from Sphere Entertainment was simply announced as “will be leaving the company,” with no explanation given.
Despite a recent decline of 8% to $41.39, Sphere Entertainment shares have risen approximately 22% so far this year.
