"The time has come for us to implement new strategies and move the company forward. In order to do so, we have undertaken essential changes in leadership."
——Tower’s Michael Solomon

GOMAN GONE FROM TOWER

Industry Legend Exiting Retailer After 35 Years as Sale of Japan Operations Completed
In an internal memo announcing a number of executive changes, Tower Records let loose the bombshell that industry legend Stan Goman will be leaving the company after 35 years.

Company President Michael Solomon says Goman’s departure "comes with very mixed emotion, but personally and on behalf of the company I respect his decision to retire, and would like to take this opportunity to sincerely acknowledge our collective appreciation for everything he has achieved over the years for Tower Records."

The news comes on the heels of two major events for the troubled chain. Last month, Tower named turnaround specialist Betsy Burton as the new interim CEO. Last Friday (10/11), Tower announced that the much-delayed sale of their Japan operations had finally concluded, making it possible to complete a new revolving credit facility with CIT Business Credit for $110 million.

Other major changes include the departure of CMO Ron Nugent, who had been with the company for the last two years, with Burton assuming his duties. General Counsel Grace Bergen is also leaving, with her team now reporting directly to Solomon.

Another surprise involves Bayside Distributors, Tower’s indie distribution arm, where 26-year-vet Mark Viducich is leaving, with Erik Grotte assuming his duties.

Goman’s responsibilities will be filled by Kevin Cassidy, who is being promoted to Sr. VP Retail Operations.

Solomon concludes the memo by commenting: "The time has come for us to implement new strategies and move the company forward. In order to do so, we have undertaken essential changes in leadership. Our focus must be on working as a team toward meeting our challenges, restoring the company to financial health and strengthening the future opportunities for all of us."

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