Image Entertainment Inc. said Monday that President David Borshell has left the company and its chief financial officer had been named to replace him in the midst of the company's acquisition by a private equity firm.
The Chatsworth producer and distributor of home entertainment programming, which is in the process of being acquired by Nyx Acquisitions Inc. of San Francisco, did not give a reason for the departure of Borshell, who was named president last April.
CFO Jeff M. Framer will take over and continue his current duties until a permanent replacement is appointed, Image said. In addition, Rick Eiberg, executive vice president, operations, and chief technology officer, has been promoted to chief operating officer.
"The board is extremely pleased to have Jeff at the helm," said Chairman Martin W. Greenwald said in a statement. "Jeff has repeatedly demonstrated fiscal responsibility and prowess, sometimes under the most difficult of circumstances, and has a solid track record of leadership and achievement."
The DVD distributor has had difficulty finding a better capitalized partner that would enable it to remain a separate company. A planned merger with BTP Acquisition fell apart in February 2008 because BTP could not arrange the financing. The company earlier fought off an unfriendly takeover attempt by Santa Monica independent studio Lions Gate Entertainment Inc.
Image almost called off its $100 million merger with Nyx earlier this month because the latter company repeatedly was late in making required payments to a trust account for a $500,000 business interruption fee. But Nyx came up with additional money and the deal is scheduled to close March 20.
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