Sukhinder Singh Cassidy is leaving Stubhub, telling Billboard that he is stepping down as president after two years of running the world's largest ticket resale market and overseeing the sale of the Ebay-owned company to Viagogo for $ 4 billion . Jill Krimmel, general manager of North America's Stubhub, will serve as the interim president until the merger receives regulatory approval from the UK Market and Competition Authority.
Stubhub officials also today announced 200 permanent job cuts as part of a major restructuring that took place amid the continuing consequences of the COVID-19 crisis, which caused the complete closure of sports and live music. Job cuts have been made at all levels of the company, Singh Cassidy told Billboard, and are in addition to the warnings announced earlier this year on StubHub.
As for his departure, Singh Cassidy said he was planning to resign after the acquisition of Viagogo and the completion of the interim regulatory period – even with the sale closed, the two companies must continue to act independently until UK leaders give the signal green to operate as a single entity.
"The company does not need two CEOs in any of the combined companies," she told Billboard. Before the sale, we had agreed with Viagogo that I would make the transition at the appropriate time, once the sale was closed. "But then, COVID-19 hit StubHub and almost every other box office market that was lost by hundreds of millions. In ticket sales that had to be refunded.
This is no easy task for a ticket reseller site, where thousands of independent sellers and fans buy and sell a high volume of tickets daily, usually for events months in advance. To complicate matters, many sports leagues, shows and event promoters took weeks to determine their own refund policies, creating liquidity challenges for resellers and StubHub.
Although the company previously offered a very straightforward refund policy and guaranteed protection for fans, it became unsustainable as the seriousness of the COVID-19 crisis unfolded, and on March 30, Singh Cassidy announced a change to the refund policy for the StubHub, offering full refunds only. in the states where they were legally required to do so. All other customers would receive a 120% credit for canceled purchases as "thanks for the remaining patient in a very challenging period," wrote Singh Cassidy in an email.
This decision sparked a wave of criticism from the media community and ticket resale, with bloggers like Eric Fuller writing "what I'm hearing suggests that they would file for bankruptcy around April 15th".
Singh Cassidy defeated the rumor that told Billboard "we are not going bankrupt".
"When you're trying to manage employees in difficult and unprecedented circumstances, inaccurate information and misinformation don't help and create more anxiety."
As for the final approval of the CMA, Singh Cassidy was unable to provide an updated timeline for approval, but said the company has overcome its short-term challenge and must now prepare for the next phase of business.
"I felt a strong desire to stay and help us restructure and manage the business during what was a very immediate crisis for the industry," she told Billboard. "And then, when I felt that the company was in a position that it would not only be able to manage with that, but it would also be in a position to prosper and recover, that's when I agreed to make my transition."