Warner Bros. has promoted longtime chief financial officer Ed Romano to the newly created post of vice chairman.
Kevin Tsujihara, chairman and CEO, made the announcement Wednesday.
Romano has been at the studio since 1968 and served as executive VP and CFO since 1994. Warner Bros. said he will work closely with Tsujihara to implement its recently outlined growth strategies, including international expansion, digital transition and resource reallocation from “mature businesses to high opportunity, content-creating divisions.”
The promotion comes a month after Tsujihara announced in a companywide memo that layoffs at the film and television studio would start on Nov. 4 and claim approximately 1,000 jobs.
“Ed is truly a Warner Bros. institution, and I am so fortunate to be able to draw upon his experience and expertise on a daily basis,” said Tsujihara. “He has an incredible perspective on our business and the industry as a whole, and his partnership will be invaluable as we move the company toward our goals.”
Former chairman and CEO Barry Meyer said in a statement, “I couldn’t be more pleased for Ed and Kevin. Having worked with both of them, I know that working together as a team, they’ll be able to deliver on the studio’s ambitious and strategic growth plans. This is a most-deserved recognition for Ed and the many contributions he’s made to Warner Bros. throughout his career.”
Warner Bros. noted that during Romano’s tenure, annual revenues have grown from $200 million in 1968 to $12.7 billion in 2013. Some of the deals in which Romano has been involved include the 1989 acquisition of Lorimar Television, the formation of the WB Television Network, the acquisition of international TV production companies Shed Media and Eyeworks and the acquisition of multiple interactive game production companies such as TT Games.