- Push-out Score determined
- After less than three years in the position
- Accolades, praise and thanks for Lustgarten
- No successor named
- Lustgarten said 104 words
(exechange) — New York, September 9, 2022 — Andy Lustgarten, chief executive of MSG Sports, leaves. As announced by Madison Square Garden Sports Corp. in a news release and in a regulatory filing published on Friday, September 9, 2022, Andrew (Andy) Lustgarten leaves his post as chief executive officer at the parent of the New York Knicks and New York Rangers, after less than three years in the role, effective January 1, 2023.
MSG Sports did not name a permanent replacement for the position of Chief Executive Officer.
Andy Lustgarten’s move coincides with a management shake-up also involving the position of President and Chief Operating Officer.
“This is the right time for me to pursue new opportunities”
The management change is explained as follows. Lustgarten said: “With the company on firm footing and the NBA and NHL seasons set to start soon, this is the right time for me to pursue new opportunities.”
Precise information regarding Andy Lustgarten’s future plans was not immediately available.
MSG Sports said: “Andrew Lustgarten, MSG Sports’ President and Chief Executive Officer, is stepping down from his position at the end of the calendar year, and will join MSG Sports’ Board of Directors, effective January 1, 2023.”
MSG Sports further said: “Andrew Lustgarten, President and Chief Executive Officer of Madison Square Garden Sports Corp. (the “Company”), will step down from his role as Chief Executive Officer as of January 1, 2023.”
Share price increase since April 2020
The announcement follows an increase in Madison Square Garden Sports Corp.’s share price of 6% since April 2020. April 2020 is the month in which Lustgarten’s tenure as CEO began.
In the position of CEO since 2020
Andy Lustgarten became CEO of the Company in 2020.
Throughout his tenure with the MSG family of companies, Lustgarten has held several important leadership positions.
He previously served as President of Madison Square Garden Entertainment Corp. (MSG Entertainment), which became a standalone company in April 2020 when The Madison Square Garden Company (MSG) separated its entertainment and sports businesses through a spin-off transaction.
Before the spin-off, Lustgarten served as President of the combined MSG for more than two years.
Prior to this, he served as MSG’s Executive Vice President of Corporate Development, during which time he played a critical role in overseeing various transactions and investments that diversified the Company’s sports and entertainment portfolio.
Before joining MSG, Lustgarten spent seven years at the National Basketball Association, where he served as Senior Vice President, Global Strategy, and before that, Special Assistant to the Commissioner.
He played a key role in negotiating the league’s landmark media rights deals in 2014 and its collective bargaining agreement.
He also oversaw the NBA’s global strategy group, as well as several strategic initiatives, including the league’s revenue sharing plan and external investment in NBA China.
Prior to joining the NBA, Lustgarten worked at Cablevision Systems Corporation in finance and in investment banking at Bear Stearns & Co.
In March 2014, Lustgarten was named to Sports Business Journal’s Forty Under 40 list of the most influential executives in sports.
He serves on the board of governors for the National Basketball Association and the National Hockey League, and is on the board of directors of Tao Group Hospitality, Boston Calling Events, and Counter Logic Gaming.
He is also on the board of the Garden of Dreams Foundation, a non-profit organization that works closely with all areas of MSG Sports and MSG Entertainment to assist young people in need.
Lustgarten is Chairman of the Board of the Lustgarten Foundation for Pancreatic Cancer Research, which as the nation’s largest private supporter of pancreatic cancer research, has directed more than $225 million to research and assembled the best scientific minds to help find a cure.
Lustgarten earned an M.B.A. from Columbia Business School, with concentrations in finance and management, and received a Bachelor’s degree in Economics from the University of Pennsylvania.
He lives in New York with his wife and three children.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Andy Lustgarten’s move on a scale of 0 to 10.
exechange reached out to MSG Sports and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2022 ($).