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MoviePass executive vice president Khalid Itum resigned, according to several informed sources of the decision.
Itum resigned last week after being frustrated with the direction taken by the company, sources said. MoviePass confirmed to Business Insider that Itum would leave the company.
MoviePass CEO Mitch Lowe entrusted the daily operations to Itum at the end of last year. Previously, Itum was the Vice President of Business Development. MoviePass told Business Insider that Lowe would assume Itum's responsibilities as of March 15.
Itum is not the only member of the management staff to leave the company. Bernadette McCabe, Senior Vice President, Exhibitor Relations; Joey Adarkway, Director of Technology; and Jake Petersen, executive vice president who headed the company's human resources department, resigned, according to several sources. (Adarkway and Petersen will continue to consult for the company.)
Read more: MoviePass's contestant, Sinemia, says that he will not give subscribers the reasons why he has terminated their accounts.
Like Itum, some of the people who resigned were not satisfied with recent developments within the company, according to sources. After MoviePass' parent company, Helios and Matheson Analytics, was pulled out of the Nasdaq, MoviePass fired its three-person business development team in Los Angeles and closed its Los Angeles office.
Then last week, MoviePass announced that it was reorganizing its business model to work more closely with its film production company, MoviePass Films.
Helios and Matheson also told investors Tuesday that investors should not rely on some of their quarterly and cumulative financial statements as they were inaccurate. Helios and Matheson reported underestimating their third-quarter net loss of $ 9.5 million.
MoviePass provided the following statement to Business Insider:
"As stated earlier, MoviePass has adopted a new strategic direction and will refocus its business model to create a closer relationship between our subscription service and our original content production unit, MoviePass Films. 39, is accompanied by changes in Khalid Itum will leave MoviePass to focus on entrepreneurship and travel Mitch Lowe will assume all the roles and responsibilities of Itum as of March 15. Employees in consulting positions under contract based on this change of direction. "
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