AMC Networks said James Dolan has been appointed interim executive chairman of the company, following the departure of CEO Christina Spade on November 29.
Dolan had been chairman of AMC’s board of directors.
When AMC announced that Spade was stepping down, the company said it was “finalizing” who would be named as a replacement.
After Spade’s exit, AMC Networks laid off 20% of the 1,000 people who worked there. The company cited the changing media landscape, with cord-cutting reducing revenues faster than they can be replace by streaming as making eliminating costs necessary.
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AMC said that as executive chairman, Dolan will be able to provide strategic oversight of the company until a new CEO is named.
“AMC Networks has a seasoned executive leadership team and I look forward to working with them to provide high-level strategic direction and guidance as we navigate the business during this period of transformation in the media industry," Dolan said.
He will keep the new post until a new CEO is selected or March 6, whichever comes first.
In a filing with the Securities and exchange commission, AMC said that Dolan, whose used to own Cablevision Systems and continues to control AMC, Madison Square Garden and the New York Knick and Rangers, will not receive any incremental compensation with his appointment as interim executive chairman.
As a director of AMC Networks, Dolan received total compensation of $242 624 in 2021. ■
