The board of the Nashville Symphony on Tuesday appointed KraftCPAs turnaround consultant Myles MacDonald to be its interim COO, effective immediately, and said it is searching for someone to take on the position permanently.
In a statement, the Symphony said MacDonald "will work closely 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."
The Symphony is in talks with a group of banks about renegotiating its debt load in the face of regular operating losses, and the lenders have made moves to potentially foreclose on the Schermerhorn Symphony Center to force a restructuring.
"Myles MacDonald has worked closely with the Symphony as a member of the KraftCPAs restructuring team and shares our values and vision for the future of this organization," Valentine said. "Myles will provide additional support at this time for the Symphony. We will continue to work to preserve the Symphony and to fulfill our mission of bringing great music to the city of Nashville and serving the community through our education and community engagement programs."
MacDonald has been with Kraft since 2007 and previously was a senior vice president and group manager at Finova Capital Corp. and managing director of Finova Mezzanine Capital.
A banking source close to the situation was unimpressed by MacDonald's appointment, saying, "It would be much more helpful for serious dialogue and resolution if steps are taken to cut expenditures and not just rearrange deck chairs on the Titanic."
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