THE CFO of Entertainment One, which makes much-loved children’s TV character Peppa Pig, has told the board he is to leave the company.
CFO Giles Willits, who has been with the group for almost ten years, has decided to take some time off and then look to develop the next stage of his career, a statement from the company said.
Entertainment One, which distributes and produces films and television programmes, has named Joe Sparacio as interim CFO with immediate effect. Sparacio is an experienced finance chief in the sector, having recently stepped down as CFO of IMAX after nine years in the role.
Prior to IMAX, Sparacio held senior finance roles at iN DEMAND and Loews Cineplex Entertainment.
The board has also appointed Mitzi Reaugh as a non-executive director. Reaugh has extensive experience in the sector having held senior positions in a number of large media and internet businesses, including Miramax, NBC Universal and Harmonic.
Entertainment One reported pre-tax profits of £24m on Tuesday for its first six months, missing analyst expectations of £37m, and causing its share price to fall nearly 12% in mid-morning trading. Profits are down 40% on the same period last year.
The profits fall was attributed to greater spending on promoting films, including the current sci-fi hit Arrival.