AEG Names Miserendino

However, rumors that the changes came as a result of AEG losing a lot of cash on its first year in Hyde Park appear wide of the mark. Marciano’s departure to take up his new role as chief operating officer was announced at the end of March, more than three months before AEG ran the British Telecom-sponsored shows in the London park.

The change looks more like the company regrouping under a “committee of the chairman,” following the resignation of former president and chief exec Tim Leiweke.

AEG has subsequently conceded that, with the audience capacity for the shows cut from 80,000 to 65,000 under Westminster council’s new licensing conditions, the company would likely make a loss on Hyde Park. It had reportedly spent £3 million ($4.8 million) upgrading the site.

The Rolling Stones show in the park July 13 reportedly sold out, but The Independent and other papers questioned how well the other shows did.

Miserendino moves up from his current post as AEG’s executive vice president and chief ops office for AEG Live, a role he’d had since joining the company in 2002.

“At a time when AEG’s global expansion and revenue generation continue to exceed projections, the growth of AEG Europe is a critical component of our business strategy,” Marciano said Oct. 7.

Miserendino’s new role, which takes effect immediately, will include overseeing all activity and business units of AEG throughout nine European markets including 20 music and entertainment venues as well as stand-alone divisions including AEG Europe Ticketing (AXS), AEG Global Partnerships-Europe, AEG Live Europe, AEG Europe Development and AEG Facilities, Europe.

“Tom’s incredible knowledge of both the facilities and live music and entertainment industries combined with his experience and tremendous success these past eleven years as chief operations officer of AEG Live makes him the ideal individual to guide AEG Europe for years to come,” Marciano continued.

AEG Europe’s more diverse businesses that also fall under Miserendino’s supervision include the Barclaycard British Summer Time concert in Hyde Park, Thames Clippers (the London river boat service) and sports franchises such as German ice hockey clubs Eisbaren Berlin and Hamburg Freezers.

“I am extremely proud of the role I have played and the contributions I have made in helping to develop AEG Live over the last eleven years,” Miserendino explained. “I am looking forward to the new challenge of continuing to build on the formidable base created by Jay and his well respected team in Europe.”

In his role as chief operating officer, AEG Live, Miserendino oversaw the operational and business affairs of the live entertainment division’s 15 regional offices, clubs and theaters, and merchandising activities.

He was also instrumental in determining the strategic direction of the division and in the negotiation of all mergers and acquisitions.

Before joining AEG, from 1998 through 2001, Miserendino was chief ops officer for TBA Entertainment, a strategic communications and entertainment company.