(Reuters) -AMC Networks stated its chief govt officer had stepped down, lower than three months after taking up the function, and that it will reduce about 20% of its U.S. workforce because it faces business pressures and a difficult economic system.
Shares of the cable TV community, residence to hit reveals similar to “Mad Males” and “The Strolling Lifeless”, fell 4.4% on Tuesday.
Christina Spade, who served as CEO since September, will obtain severance advantages in accordance with the phrases of her employment settlement, on “a termination with out ‘trigger’ or resignation for ‘good cause’ foundation,” the corporate stated in a regulatory submitting.
AMC Networks (NASDAQ:) declined to remark additional on the departure. It stated the board was within the technique of discovering a successor.
“We thank Christina for her contributions to the corporate in her CEO function and her earlier CFO (chief monetary officer) function, and we want her properly in her future endeavors,” Chairman James Dolan stated in a quick assertion.
The layoffs at AMC Networks come at a time when a number of corporations together with Amazon.com Inc (NASDAQ:) and Fb-parent Meta Platforms Inc (NASDAQ:) are making deep cuts to their worker base to navigate a possible downturn within the economic system.
AMC Networks had 1,739 full-time and 287 part-time workers as of Dec. 31, in response to a regulatory submitting.
Twine reducing and a depressing promoting market have weighed on the corporate’s enterprise, with shares down 40% 12 months up to now.
The streaming unit has, nonetheless, emerged as a shiny spot. Income within the division surged 41% within the final reported quarter, whilst the corporate’s total income slumped 16%.
Spade joined as CFO in 2021 after serving because the finance chief of ViacomCBS (NASDAQ:), now Paramount International.
In September, she took the helm from Matt Clean who had held it on an interim foundation after long-time Chief Government Officer Josh Sapan stepped down in August final 12 months.