Francis will leave his position as chief global brand officer in December after nearly three years overseeing the company’s branding, licensing, consumer products and franchise management efforts. He will continue on as a consultant, according to the announcement by CEO Jeffrey Katzenberg and president Ann Daly.
The Glendale-based toon-maker also announced that the company’s head of consumer products, Jim Fielding, will now also oversee DreamWorks’ licensing and franchise management businesses. He will report directly to Daly.
In a joint statement, Katzenberg and Daly praised Francis for building “a strong internal organization, led by Jim Fielding and others, that will enable us to
drive growth in these keys areas in the future.” Francis deemed himself excited about returning to his own business ventures, while also advising DreamWorks.
DreamWorks has been positioning itself to recover from a series of underperforming films that forced writedowns, the layoffs of hundreds of employees and the sale (and lease back) of its campus in Glendale.
The company’s top executives also took substantial pay reductions. A filing earlier this year showed that Francis had his pay reduced from $6.1 million to $3.2 million in 2014 after he did not receive a cash incentive that he got in 2013. A new SEC document shows that Francis will be paid $300,000 a year for two years in his consulting role.