ITC Entertainment Group prez-CEO Chris Gorog announced his resignation yesterday, citing “strategic differences” with the board of directors over the “future direction” of the TV/film producer-distributor.
The development was the second major change at the top of ITC in recent months. Investment banker Alan R. Buggy, ITC Entertainment Group chairman since September 1990, abruptly ankled the company in January “to pursue other interests.”
The difference of opinion between Gorog and the board was a matter of Gorog “wanting to go into the production of big-budgeted pictures and the bank not wanting to,” according to a source close to the company.
“Chris’ desire was to make this into a serious production entity,” the source said. “And the board didn’t see the company going into a major production program.”
Neither Gorog nor board members would comment beyond a terse three-paragraph statement.
“We regret that Chris has made this decision, but are very grateful for his contributions to the company and wish him the greatest success in his future pursuits,” said Ian Forrest, managing director of ITC’s majority shareholder Montagu Private Equity.
ITC, a mid-sized company, last April announced plans to complete an eight-film slate in 1992 with budgets averaging less than $ 5 million. But only four pix –“Ed and His Dead Mother,””Fear of a Black Hat,””Trouble Bound” and “Doppelganger”– went into production, a company rep said. ITC also acquired “Mortal Sins” and “Sam and Me” for international distribution.
Gorog, who also resigned from ITC’s board of directors, became CEO in February 1990. He joined ITC as exec VP of business affairs in 1985, rising to senior exec VP-chief operating officer in 1987.
Gorog and Jerry Leider were both part of a $ 125 million management buyout of ITC in November 1988 from the Bell Group Ltd., owned by Aussie financier Alan Bond.