Tom Lipsky will depart his position as prexy-CEO of Sanctuary Records Group in North America as part of the company’s global restructuring.
Lipsky will leave the company effective June 30 but will assist with the transition of label leadership and functions, dividing his time between the company’s New York and Raleigh, N.C., offices. Raleigh office will close in June.
Lipsky joined Sanctuary in 2000, when Sanctuary Group acquired CMC Intl. Records, which Lipsky co-owned with BMG Entertainment. He has been instrumental in recent years in the continuing recording careers of such heritage artists as Lynyrd Skynyrd, Widespread Panic, Styx, the Allman Brothers, Tesla, Bad Company and Megadeth.
Since a buyout plan failed at the end of summer, U.K.-based Sanctuary has been kept alive by a $195 million loan it received two months ago. Conditions of the loan included a shakeup of the management ranks.