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Weinstein Company COO David Glasser Exiting

The Weinstein Company’s chief operating officer David Glasser has resigned after seven years at the independent studio.

Glasser said he’s leaving the company in search of a new opportunity. He will stay on to find a replacement as TWC prepares for awards season.

“It has been an incredible run at the Weinstein Company, but I have decided to take some time and explore my options in the industry,” Glasser said in a statement. “I will remain with TWC until November, where I will work closely with our team to set up the incredible slate for 2015/2016.”

Bob and Harvey Weinstein said in a statement that they were “disappointed” to hear of Glasser’s decision. “He has been one of the best executives we’ve had the privilege of working with and we have had a tremendous run together,” the Weinsteins said in a statement. “David will be missed at TWC, but we are in discussions with several high-level executives who we know will continue to grow the successful divisions we built together.”

TWC has seen a mixed performance this year without any breakout hits so far. Its most recent awards-season candidate, Jake Gyllenhaal’s “Southpaw,” debuted with a moderate $16.7 million weekend; Helen Mirren drama “Women in Gold” took in $33 million; and its family comedy “Paddington” performed decently with $76 million.

The most prominent of TWC’s upcoming titles is Quentin Tarantino’s “The Hateful Eight,” starring Samuel L. Jackson, Kurt Russell, Jennifer Jason Leigh, Walton Goggins, Demián Bichir, Tim Roth, Michael Madsen, Channing Tatum and Bruce Dern. It opens Christmas Day.

One of TWC’s awards-season plays will be romantic drama “Carol,” directed by Todd Haynes and starring Cate Blanchett, Rooney Mara, Sarah Paulson and Kyle Chandler. The film premiered at the Cannes Film Festival, where Mara tied for the best actress award.

TWC’s best performer during the most recent awards season was “The Imitation Game” with $91 million at the U.S. box office. But last year’s slate underperformed as “Begin Again” could not find traction with just $11.8 million at the domestic box office and “Vampire Academy” took in less than $8 million.

TWC scored two hits during the 2013 awards season with Tarantino’s “Django Unchained,” which grossed $425 million worldwide, and David O. Russell’s “Silver Linings Playbook” with a $236 million worldwide gross. And it scored back-to-back best picture Oscars in the two previous years with “The Artist” and “The King’s Speech.”

Glasser was a key part of TWC when it restructured its debt in 2010 in a deal that took $450 million off the books in exchange for giving Goldman Sachs and Assured Guaranty control of 200 films in the library. That deal came after TWC and investor Ron Burkle were unable to complete a deal with Disney to acquire the Miramax library of 600-plus titles in a complex $625 million deal.

Glasser has also been attempting to sell off TWC’s TV business this year. U.K. network ITV had been in talks to purchase the TV division for more than $900 million, but those negotiations did not come to fruition.

TWC has ramped up its TV activity in the past few years both in the scripted and unscripted arenas. The company’s roster includes Lifetime’s “Project Runway,” VH1’s “Mob Wives,” National Geographic TV’s “Southern Justice” and TLC’s “Welcome to Myrtle Manor.” TWC is also behind Netflix’s “Marco Polo” drama series and two upcoming limited series: WGN America’s “The Ten Commandments” and NBC’s “The Reaper.”

 

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