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AMC Networks stated on Tuesday that CEO Christina Spade “has stepped down from her function” with out giving particulars in regards to the motive.
The information got here as a shock as Spade had solely taken over the role as of Sept. 9. A successor wasn’t instantly named.
“The AMC Networks board of administrators is at present finalizing who it’s going to title as a alternative, with an announcement to comply with,” the corporate stated on Tuesday.
AMC Networks chairman James Dolan stated: “We thank Christina for her contributions to the corporate in her CEO function and her earlier CFO function, and we want her nicely in her future endeavors.”
A consultant stated the corporate had no additional remark.
A regulatory submitting afterward Tuesday morning added some shade. “On November 28, 2022, Christina Spade stepped down from her function as chief govt officer of AMC Networks,” it stated. “Consequently, Ms. Spade will obtain the severance advantages payable in accordance with the phrases of her employment settlement, dated August 4, 2022, on a termination with out ’trigger’ or resignation for ‘good motive’ foundation. The board of administrators of the corporate is within the strategy of figuring out who it’s going to title because the successor CEO of the corporate.”
Media and leisure business veteran Spade beforehand served as CFO of AMC Networks and earlier than that held senior roles at ViacomCBS (now generally known as Paramount International), CBS Corp. and Showtime. In August, AMC Networks had unveiled her because the successor for interim CEO Matt Clean, a former Showtime Networks CEO, who changed long-time boss Josh Sapan who had announced his change to the chief vice chairman function after a 26-year run.
“I’m a fan of this firm in each respect, its content material, manufacturers, and most significantly, its folks and dynamic and inclusive tradition,” Spade had stated in August.
Patrick O’Connell, beforehand a senior govt at CBS Corp. and Goldman Sachs, on the time was named the corporate’s govt vp and CFO, reporting to Spade. “Patrick is a extremely completed govt targeted on delivering sturdy monetary efficiency with a deep understanding of right this moment’s media panorama alternatives,” Spade stated on the time. “I do know he’ll be instrumental in driving the enterprise ahead together with his sturdy finance monitor file, entrepreneurial drive and collaborative strategy.”
When Sapan introduced his exit from the CEO function, some Wall Street observers wondered if the change could imply {that a} sale could possibly be within the agency’s future. AMC Networks has typically been seen as a takeover goal for leisure or know-how giants, due to its lack of scale, whereas administration has argued that the corporate was doing nicely with specializing in area of interest streaming providers, typically emphasizing the advantages of going it alone as a extra targeted firm.
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