As struggling indie Carolco continues to bob in the water, two key employees have jumped ship. Senior TV division veep Rae Sanchini and veep of business affairs Jay Itzkowitz are leaving the Sunset Strip for offices elsewhere.

Sanchini, who while at Carolco was largely responsible for the sale of Carolco TV assets to Spelling Entertainment, will be responsible for new technologies at Burbank-based Lightstorm Entertainment.

Goes to Fox

Itzkowitz, who was in charge of certain financing transactions, including relations with Carolco’s principal foreign partners, will become Fox Inc. veepee of legal affairs, answering to George Vradenburg. Per Fox sources, he will be responsible for corporate transactions, new business and what one source called “out-of-the-ordinary” deals.

Vradenburg declined to comment, as did Itzkowitz. Neither Lightstorm president Larry Kasanoff nor Sanchini could be reached. Carolco spokeswoman Joele Frank similarly offered no comment. Sources within Carolco and at Fox confirm, however, that Itzkowitz will report for duty at Fox’s Century City offices Monday.

Sanchini is expected to begin employment at Lightstorm Nov. 1. The defections come at a time when Carolco is trying to restructure.

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