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Quickflix top brass exec exits
Sudden moves ahead of funding news
Australian IPTV aspirant Quickflix has suffered a sudden executive exodus ahead of a pending announcement on a new mystery strategic investor.
In a surprise move Quickflix CEO Chris Taylor and deputy chairman Justin Milne have both announced their departures from the company. Another non-executive director, Susan Hunter, is also resigning from the board but will retain the position of company secretary.
Quickflix founder and executive chairman Stephen Langsford will take on the role of CEO when Taylor leaves in March 2013.
Both Taylor and Milne, high profile alumni from Telstra, joined the Australian answer to Netflix in July last year. The hiring coups followed Quickflix's acquisition of Telstra's BigPond Movies DVD rental business.
Armed with a new executive team, Quickflix has devoted the last year to moving its subscriber base to a multi-platform VOD digital delivery model.
Earlier this year, the company secured $AUD10m of investment from HBO for a 15.7% stake.
However market speculation has questioned the ongoing input from the US broadcasting giant following the resignation of HBO representative Heny McGee from the Quickflix board last week.
In a statement to the ASX, Quickflix announced that negotiations continued with regard to the future funding of the company. “The directors and management are currently pursuing several options and working through a restructuring plan to reduce costs and capital requirements.”
The company is currently in voluntary suspension and advised that stock would remain suspended until 29 November. ®