CEO of Hallmark Channel Parent to Step Down

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Crown Media Holdings Inc said late Wednesday that Chief Executive Henry Schleiff was stepping down and he would be replaced by William J. Abbott, executive vice president of advertising sales.

Schleiff and Crown Co-Chairman Donald J. Hall said in a release that Schleiff opted to leave after a series of discussions about his future at the Studio City operator of Hallmark Channel. Schleiff plans to “return to his passion of helping smaller cable networks achieve their potential,” according to the release, though no details were provided about Schleiff’s next move.

Both men said the decision was amicable. Crown Media will buy out Schleiff’s employment contract with a lump sum of $2.48 million, according to a separate regulatory filing.

Schleiff, a former head of the Court TV channel, has been CEO at Crown since October 2006. Crown’s Hallmark Channel and Hallmark Movie Channel run new and classic Hallmark family movies, specials and other programming.

Abbott, who worked at various Fox channels before coming to Crown, will take over as CEO and president on June 1. Since he joined the company in 2000, advertising sales have grown from $10.2 million annually to $223 million.

Before the announcement, Crown shares closed down 7 cents, or 2 percent, to $3.13 on the Nasdaq.

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