2 Executives to Step Down at Ailing Livent

TORONTO —  Livent Inc., the financially troubled producer of such hit theatrical shows as “Ragtime” and “Fosse,” said Roy Furman will give up his chief executive title and David Maisel will step down as president, effective June 25.

Executive Vice President Rob Webster will be named chief executive, and Furman will continue as chairman. The Toronto-based company, which has won 23 Tony Awards for its Broadway shows, filed for bankruptcy protection in November, after Furman and other new managers discovered what they alleged was fraud by its founders.

Webster, who joined Livent in July from KPMG Peat Marwick, headed the investigation into alleged accounting irregularities by Garth Drabinsky and Myron Gottlieb. Livent is about 39% owned by an investor group led by former Hollywood agent Michael Ovitz.

Livent will seek court approval next month to be acquired by SFX Entertainment Inc., the largest producer of live entertainment, which bid $77.8 million in cash and up to $37 million in future payments.