CFO Steve Schoch to serve as CEO in interim
In a highly unexpected move, Mike Lang has resigned as CEO of Miramax.
“I’ve enjoyed my time at Miramax,” Lang said in a release announcing his departure. “The company has a great team, and I remain highly supportive of Miramax and its opportunities ahead. ”
Lang will stay on as a consultant as the company searches for a replacement. CFO Steve Schoch will serve as CEO in the interim.
Lang has served at Miramax’s helm since new owners purchased it from Disney in 2010. Since then, the company has inked more than a half-dozen digital licensing agreements, including pacts with Netflix and Hulu.
Those agreements helped Miramax successfully close its film-backed securitization last year, an unusual process which allowed the company to raise about $500 million in debt.
That transaction banked heavily on future digital and television licensing agreements, toward which Lang was expected to help steer the company.
“This is an incredible library of assets,” Lang told Variety in December 2010, six months after a consortium of investors purchased Miramax for $663 million. “Our goal is to very aggressively leverage them and to get them out to consumers in whichever ways we can.”