Sphere’s CFO resigns, company stock falls

Shares of Sphere Entertainment Co. has fallen around 4.3 percent from Monday’s closing price on news that the company’s executive vice president, chief financial officer and treasurer, David Byrnes, is leaving the company.

The company announced the departure early Tuesday, saying Byrnes would continue his current role for an interim period to facilitate a smooth transition during the search for a new CFO and treasurer.

On the day of the announcement, Sphere stock fell to $41.07 a share before climbing to its eventual closing price of $43.80, down $1.28 or 2.8 percent from Monday. Volume was just over three times the daily average.

On Wednesday, the stock was down another 68 cents, or 1.5 percent, closing at $43.12 a share on average volume.

Sphere Entertainment, traded on the New York Stock Exchange, oversees the management of Sphere Las Vegas, a 17,500-seat entertainment venue that has hosted U2, Phish and Eagles concerts as well as a one-hour film made especially for the venue, “Postcard from Earth.” The venue, which features state-of-the-art audio and video technology, also has hosted a UFC event and is on the Formula One Las Vegas Grand Prix track.

Byrnes served in the three positions since December 2023. Prior to that, he was executive vice president and chief financial officer of Madison Square Garden Entertainment Corp. from January 2022 to December 2023.

In those roles, Byrnes played a critical role in many strategic transactions, including the spin-off of MSG Entertainment from the company in April 2023, the sale of the company’s majority interest in Tao Group Hospitality in May 2023, and two secondary stock offerings in June 2023 and September 2023, when the company sold its remaining shares in MSG Entertainment.

Representatives of the company had no additional comment late Tuesday.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.