Billionaire Philip Anschutz will be taking a more active role at his sports and entertainment powerhouse AEG without his longtime chief executive, Tim Leiweke.
Anschutz announced Thursday that he was halting the planned sale of AEG and that Leiweke will be leaving by “mutual agreement.”
“We appreciate the role Tim has played in the development of AEG, and thank him for the many contributions he has made to the company,” Anschutz said in a statement.
Leiweke has played a crucial role at AEG for years and has been the company’s point person in negotiations with Los Angeles city leaders over luring a professional football team to the city and building a downtown stadium.
Anschutz said Dan Beckerman, AEG’s chief financial officer, will take over Leiweke’s role as president and CEO.
In a statement, Beckerman said the pursuit of a downtown football stadium adjacent to L.A. Live remains a top priority.
“Priority projects going forward include the development of Farmers Field adjacent to our L.A. Live campus and the pursuit of our plan to bring the NFL back to Los Angeles,” Beckerman said.