There has been a big management shakeup at gay and lesbian network Q TV Network (QTN).
Major investor Lloyd Fan, who was recently brought on as president, has been named chairman and CEO of QTN and parent Triangle Multi-Media, replacing company founder Frank Olsen.
But Fan has gone farther. After doing due diligence on the company, according to a source, he is replacing the board and top management--above VP level--as well, with at least three executives, including Olsen and the company's COO and CFO, said to be heading for the exit.
"Effective today, all Triangle Multi-Media Limited and QTN officers and board of directors have resigned their positions and have relinquished all responsibilities and affiliations," the company said in a statement. "Details of the new management infrastructure, with an emphasis on both television and finance industry, will be forthcoming."
The move is effective immediately, and the now-Fan-run company says that "the current and moving-forward financial obligations of Triangle Multi-Media Limited and QTN are also being vigorously reviewed, and a fresh approach to resolving these situations will be announced in the coming weeks."
Q has been making some progress convincing cable systems to offer the channel as a pay service and claims carriage on properties reaching 3 million homes. However, it’s not clear how many subscribers have actually ordered the channel.
Q has long had an odd financial structure. Parent company Triangle Multi-Media is a penny stock with 20 billion shares outstanding, but trading at a fraction of a cent per share. Tuesday’s price: 1/100th of a penny.
A spokeswoman for the company says that Fan runs Best Prop Holding Group, which has built a business in the manufacturing, financing and service sectors in Asia.
