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AMC Networks’ chief executive officer, Christina Spade, is leaving just three months after her assignment to the role. Her departure was confirmed by the company on Tuesday, Nov. 29, and she is stepping down amid its plans for job cuts.
AMC Networks said via the announcement that its board of directors is currently deciding who they will assign as Spade’s replacement. The group said it will make a follow-up announcement once it finalized the decision.
James Dolan, the network’s chairman simply thanked Spade for her service by saying, “We thank Christina for her contributions to the company in her CEO role and her earlier CFO role, and we wish her well in her future endeavors.”
The American entertainment firm did not mention the reason for Spade’s sudden exit. But in the last two years, the network has already dealt with a number of changes in its chief executive position. Amid its search for a new CEO, it was revealed that AMC Networks is also planning to lay off about 20% of its total workforce in the United States.
The network explained that the job cuts were inevitable as it comes under heavy financial pressure from subscriber losses. This happened as more and more consumers were shifting to streaming services.
“It was our belief that cord-cutting losses would be offset by gains in streaming but this has not been the case,” the AMC Networks’ chairman said in a memo addressed to employees and obtained by CNN Business. “We are primarily a content company and the mechanisms for the monetization of content are in disarray.”
At any rate, the outgoing AMC Networks chief was only appointed CEO on Sept. 9 and took over the role from Matt Blank, who has been serving as interim chief since September of last year. Prior to her promotion, Spade served as the company’s chief operating officer and chief financial officer.
