AMC Networks CEO exits after transient stint; plans 20% U.S. job cuts By Reuters

(Reuters) -AMC Networks mentioned its chief govt officer had stepped down, lower than three months after taking on the function, and that it might lower about 20% of its U.S. workforce because it faces business pressures and a difficult economic system.

Shares of the cable TV community, dwelling to hit exhibits equivalent 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 motive’ foundation,” the corporate mentioned in a regulatory submitting.

AMC Networks (NASDAQ:) declined to remark additional on the departure. It mentioned the board was within the means 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 mentioned 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 line with a regulatory submitting.

Twine slicing and a dark promoting market have weighed on the corporate’s enterprise, with shares down 40% 12 months so far.

The streaming unit has, nonetheless, emerged as a shiny spot. Income within the division surged 41% within the final reported quarter, at the same time as the corporate’s general 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.