In Thursday’s (4/17) Tennessean (Nashville), Jessica Bliss writes, “As part of the Nashville Symphony’s continued financial restructuring efforts, the organization has appointed Myles MacDonald as the organization’s chief operating officer, effective immediately. MacDonald is taking on the role in an interim capacity while the organization conducts a search for a permanent COO, a news release from the organization said. … He will work with CEO and President Alan Valentine to help manage Nashville Symphony’s day-to-day operations as the organization continues to take action to strengthen its financial condition, which has been weakened significantly from operating shortfalls and tens of millions of dollars in bond debt. In addition, the symphony is facing lingering financial impacts from the May 2010 flood. According to the organization’s Form 990 tax filings, expenses have exceeded revenue by $27.3 million between the fiscal years of 2009 and 2011. The final Form 990 is not yet available for the 2011-12 fiscal year. Last month, the organization decided not to renew a letter of credit that backed the original 2004 bond issue for the Schermerhorn [Concert Hall]. The credit agreement was due to expire April 30, but symphony officials moved ahead of the deadline, announcing in March that they would not attempt to renew the agreement for another year.”
Posted April 18, 2013
