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Sphere Entertainment Stock Tumbles on Unexpected CFO Departure

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2 months ago

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Sphere Entertainment Stock Tumbles on Unexpected CFO Departure

Key Takeaways

  • Shares of Sphere Entertainment, the parent company behind the Las Vegas Sphere, fell Tuesday morning after announcing an unexpected executive change.
  • CFO David Byrnes “will be leaving the company,” Sphere said, but did not give a reason.
  • Byrnes has held the position since last December.

Sphere Entertainment (SPHR) stock fell Tuesday morning after announcing 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.”

Byrnes has been finance chief of the Las Vegas Sphere operator since last December, and before that was CFO of Madison Square Garden Entertainment (MSGE), which spun off from Sphere Entertainment in April 2023.

Sphere Entertainment did not provide a reason for Byrnes’ departure, simply saying that he “will be leaving the company.”

Sphere Entertainment shares recently were down 8% to $41.39, but are still up about 22% so far this year.

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