Relativity CFO Andrew Matthews Steps Down (EXCLUSIVE)

Andrew Matthews has stepped down as chief financial officer and co-chief operating officer of Relativity Media, Variety has learned.

Relativity is currently looking for a replacement. The company had no comment on Matthews’ departure.

The move comes as Relativity is coming up with a reorganization plan that it will follow as it hopes to exit bankruptcy  by the end of the year or early 2016. The company filed for Chapter 11 protection last summer citing almost $1.2 billion and assets with a book value of just under $560 million in filings.

This week, a U.S. Bankruptcy Court judge approved the sale of Relativity’s television operations to a group of hedge funds that includes Anchorage Capital, Luxor Capital, and Falcon Investment Advisors. There is a proposal in place that would see the rest of the company, which includes its film operations, education division, and sports agency, bought by a group of investors led by Relativity founder Ryan Kavanaugh.

On Monday, Relativity announced that Tucker Tooley planned to step down as president of the company.

Prior to joining Relativity, Matthews served as president of RKO Pictures, chief operating officer of Senator Entertainment, and EVP of finance and international affairs for New Line Cinema.

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