Borshell Out at Image, CFO Framer Named President16 Mar, 2009 By: Erik Gruenwedel
Image Entertainment March 16 said it named CFO Jeff Framer to the position of president, effective immediately, following the departure of David Borshell, who had been with the Chatsworth, Calif.-based distributor for 24 years.
The distributor said Bill Bromiley would continue to serve as CAO (chief acquisitions officer), overseeing Image’s successful foray into cast-driven feature films, marketing and sales. Rick Eiberg, who served as EVP, operations and CTO since April 2008, has been promoted to COO.
Image, which is in the midst of protracted merger negotiations with Nyx Acquisitions, said 15-year veteran Framer would continue as CFO until a replacement was found.
Former Image CEO Martin Greenwald, who is chairman of the board, said Framer had demonstrated fiscal responsibility and prowess under difficult economic circumstances and had a solid track record of leadership and achievement.
“Jeff has the unequivocal respect and support of Image’s board, senior management and employees,” Greenwald said.
The rollercoaster merger negotiations — slated to close March 20 — have been conducted directly between the board and Nyx, a subsidiary of Q-Black LLC in San Francisco, a situation and outcome some believe Borshell might not have agreed with.
“Obviously, that was one source of conflict,” Framer said.
Greenwald, who spearheaded the previous merger attempt with BTP Holdings, resigned his CEO position under pressure when that protracted deal fell through resulting in litigation and $1.9 million in related costs.
Framer said Borshell’s departure was not directly related to the Nyx merger but rather a series of issues.
“Had there not been the merger, I don’t know if this would have been any different of an outcome,” he said.
Framer called his promotion “bittersweet.”