The makeover/takeover of Livent Inc. took effect Monday, as former investment banker Roy Furman assumed the chairman and CEO titles and former agent and Disney prexy Michael Ovitz took over as executive committee chairman.
The duo is being assisted by David Maisel, an alum of the Walt Disney Co., Creative Artists Agency and the Boston Consulting Group, who became president of Livent, a leading producer of plays, concerts and musicals.
Ovitz, a CAA founder and past Disney president, also took claim of 2.5 million shares, or 12% of the Toronto-based company, purchased for $8 apiece. Furman, the co-founder of Wall Street’s Furman Selz, purchased his 250,000 shares for the same price.
Livent closed Monday at $7.75 a share — up 13¢ for the day but down from a yearly high of $12.88.
As planned, Livent co-founder Garth Drabinsky made room for the new team by stepping down to vice chairman of the company and chief creative director for live theater. Myron Gottlieb, the other co-founder, became executive VP, Canadian administration, while remaining a member of the board.
Livent currently has eight theatrical productions in the United States, Canada, England and Australia. When a third theater in Toronto in completed, Livent will own or operate six theaters in North America, including the Ford Center for the Performing Arts in New York City, which was inaugurated in December 1997.