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SBS Sought New CFO After Bankruptcy Restructuring

The Miami-based media company has opened a search for a permanent finance chief following its bankruptcy reorganization.

Updated on Sept. 29, 2026 in Corporate Finance

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Spanish Broadcasting System has launched a search for a permanent Chief Financial Officer to lead the firm through its post-bankruptcy transition. AI Illustration. Upload story photo >

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Spanish Broadcasting System (SBS) has posted a public job listing for a new Chief Financial Officer. This search marks a key step in the company's efforts to finalize its post-bankruptcy operations.

Why it matters

The appointment of a new CFO is critical as the company transitions under the reorganization plan approved by the US Bankruptcy Court in June 2026. This leadership change aligns with shifting ownership stakes following the firm's Chapter 11 filing in May 2026.

Post-emergence projections show foreign investors holding 64.13% of equity and 67.02% of voting interests. These figures compare to current levels of 12.9% equity and 3.8% voting interest, significantly exceeding the 25% ownership benchmark threshold.

The players

SBS

Spanish Broadcasting System is a Miami-based media company that operates radio stations and television networks.

Richard Lara

He serves as the Chief Operating Officer of SBS.

Frank Soricelli

He is the current interim CFO and a 32-year veteran of the organization.

José Molina

He served as the company's CFO from 2019 until his resignation in February 2024.

Albert Rodriguez

He resigned as the company's President and COO in 2024.

The details

Frank Soricelli, a 32-year company veteran, is currently serving as interim CFO after taking the role in April 2024. The new executive will report directly to COO Richard Lara and the company board.

Timeline

  1. February 2024: José Molina resigned as CFO.

  2. April 2024: Frank Soricelli was named interim CFO.

  3. May 2026: SBS filed a Chapter 11 bankruptcy petition.

  4. June 2026: The US Bankruptcy Court approved the reorganization plan.

  5. September 28, 2026: The company posted the public job listing.

Market Dynamics

The company's search for leadership reflects the broader structural adjustments required by a Chapter 11 of the U.S. Bankruptcy Code reorganization. This process typically forces companies to overhaul executive suites to align with new equity distributions and governance standards.

The search for a new CFO signals a stabilization phase for the company as it prepares for post-emergence operations. Retail investors should monitor the FCC's ongoing pleading cycle regarding license transfers, which may impact the company's long-term operational viability.

The takeaway

The executive search marks a definitive shift in the company's governance as it moves past its bankruptcy filing. Stakeholders should pay close attention to how new leadership manages the high levels of foreign equity ownership following the corporate restructure.

Further reading

For more information on the industry's financial shifts, visit the Corporate Finance section.

Source note: This article includes information reported by Radio Ink.

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