JP Colaco, one of the first Hulu employees, will leave company to pursue startup opportunities
JP Colaco, one of Hulu’s first employees and the exec in charge of advertising sales and operations, will depart the company next month.
Colaco will leave the Internet TV joint venture later in October and “pursue one of a few new startup opportunities he has in front of him,” Hulu acting CEO Andy Forssell wrote Monday in a blog post on the company’s site.
EARLIER: Hulu’s Executive Exodus Accelerates
Colaco is only the latest Hulu exec to ankle in recent months. Senior VP of sales Kevin McGurn quit to join Shazam Entertainment earlier this month, while Pete Distad, Hulu’s senior VP of marketing and distribution, joined Apple over the summer. Previously, CEO Jason Kilar and chief technology officer Richard Tom left Hulu and are working together on a stealth media startup in L.A.
Part of the executive exodus has been due to the uncertainty of Hulu’s future under owners NBCUniversal, 21st Century Fox and Disney. The three companies solicited bids for Hulu earlier this year, before announcing in July that they had decided to retain their stakes and plow $750 million into the venture.
“(A)s expected for any company as it matures, we’ve had some important contributors make the difficult decision to head off to exciting new chapters of their lives beyond Hulu,” Forssell wrote in the blog. “That’s part of the natural evolution and maturation process for any company, and I’m proud to see Hulu alums make their mark in other great companies, despite being very sorry to see them go.”
Colaco, one of the original Hulu team members from the fall of 2007 when the JV was formed by NBC and Fox, helped “lay the foundation upon which everything since then has been built,” according to Forssell, including the company’s Ad Swap, Ad Selector and 100% Completion Rate programs.
Hulu’s business remains strong, Forssell said: The company is on track to generate around $1 billion in revenue for 2013, versus $695 million last year. In addition, Hulu in the last 90 days has hired more than 90 new employees, he said.
Hulu’s parents have been searching for a permanent CEO. Those in consideration include Erik Huggers, currently head of Intel Media’s over-the-top TV project, the New York Post reported, citing anonymous sources. Others rumored to be in the running for the Hulu job are outgoing NBCUniversal exec VP Lauren Zalaznik and Fox Networks Group President Mike Hopkins, according to the Post.
Late last year, NBC, Fox and Disney renegotiated Hulu employee compensation packages when the trio bought out the 10% stake owned by Providence Equity Partners. Under that deal, staffers with stock-option grants received cash payouts.