March 31, 2009 (FinancialWire) -- Ticketmaster Entertainment, Inc. (NASDAQ: TKTM) said that Sean Moriarty has resigned as president and the chief executive officer of its Ticketmaster division, effective March 24. Moriarty has also resigned from the company's board.

The company offered no explanation for Moriarty's resignation. However, it has faced a series of setbacks in recent months, and is awaiting regulatory approval for a planned merger with Live Nation, a concert promoter.

TKTM has lost a lot of value recently. The stock has traded between $3.33 and $27 over the past 52 weeks. A charge taken to cover the lost value led to Ticketmaster Entertainment posting a $1.07 billion loss for the fourth quarter of 2008. Those results caused Standard & Poor's Rating Services to cut the company's corporate credit rating.

Moriarty formerly served Ticketmaster's predecessor, Ticketmaster Online-Citysearch, as director of internet Systems. He was also vice president of internet Systems for both Citysearch and Ticketmaster.com. Moriarty became executive vice president of product and technology of Ticketmaster in 2000, and was named chief operating officer in 2004. In 2005, Moriarty became president and COO, later becoming CEO in 2007.

West Hollywood, California-based Ticketmaster Entertainment is an entertainment ticketing and marketing firm that consists of Ticketmaster and Front Line Management Group. The company operates in 20 global markets, providing ticket sales, ticket resale services, marketing and distribution through its e-commerce site, around 7,100 retail outlets and 17 worldwide call centers.

The company's stock closed at $3.76 on March 30, down 30 cents.

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