RLJ Entertainment CFO Drew Wilson Departing8 Oct, 2015 By: Erik Gruenwedel
RLJ Entertainment Oct. 8 announced that CFO Drew Wilson is leaving the company, effective Nov. 12. Wilson became CFO in 2013 following the departure of John Avagliano.
RLJ Entertainment, which was formed in 2012 with the merger of Image Entertainment and Acorn Media Group, is named after chairman Robert L. Johnson, founder of B.E.T. (Black Entertainment Television), the first African American-owned publicly traded company.
In a regulatory filing, RLJ Entertainment CEO Miguel Penella said Wilson’s exit was voluntary and not the result of any dispute or disagreement with the company on any matter relating to the distributor’s operations, policies or practices.
Penella said an external search for a full-time CFO has begun.
Meanwhile, RLJ Entertainment, which in June received a delisting notice from Nasdaq after company shares fell below $1 for 30 consecutive business days, saw shares close Oct. 8 down nearly 5% at 57 cents. The company posted a loss of $550,000 on revenue of $24.1 million for the period ended June 30.
The company operates the successful British-centric Acorn TV subscription streaming service, and last year bowed the Urban Movie Channel over-the-top video service, which has a content license agreement with Starz Media.