According to a statement, Philip F. Anschutz, AEG chairman, will resume a more active role, while Tim Leiweke, who was AEG president and CEO, will leave the company.
"We appreciate the role Tim has played in the development of AEG, and thank him for the many contributions he has made to the Company. We wish him well in his new endeavors," Anschutz said in a statement.
Dan Beckerman, formerly the chief financial officer and chief operating officer, will take over as president and CEO, the statement said.
Many Angelenos were stunned when word got out last September that AEG was looking for a buyer. The news came as the company was working to build a football stadium, Farmers Field, in downtown and bring an NFL team to play in Los Angeles.
Mayor Antonio Villaraigosa released a statement saying, "Now that AEG is no longer for sale and they have indicated that bringing an NFL team to LA remains a priority, I call on AEG to live up to its commitment by immediately sitting down with the NFL to reach an agreement."
Some people feel that Leiweke's departure is bad news in terms of getting an NFL team to Los Angeles.
A spokesman for the NFL says the league will continue to monitor developments with the stadium proposal and that it remains interested in multiple sites in the Los Angeles area.