Last week big-name studio, Warner Bros., announced that the company has promoted Ed Romano, current CFO, to Vice Chairman, replacing him with Kim Williams. Williams, who is well known in the finance industry, will begin her new position on January 15, 2015.
Romano has served as CFO for the company for over two decades.
“As our industry’s financial sector becomes much more complex and nuanced, it’s crucial to have strategic, intelligent and thoughtful financial leaders,” said Warner Bros.’ CEO, Kevin Tsujihara. “Kim is a proven finance pro with an impressive track record and a background that fits perfectly with our needs. Ed left big shoes to fill, but I believe Kim is more than up to the task.”
Williams joins Warner Bros. from CORE Media Group where she served as CFO. She also previously served as CFO of the NFL and spent more than 10 years at General Electric owned companies. Her tenure at GE allowed her to spend time overseas, serving at Nuovo Pignone (GE Power Systems) in Italy, and at GE International, GE Power Controls and GE Capital in London, England.
“Kim is an experienced, solutions-oriented finance executive with deep experience in media—she’ll be a great addition to Warner Bros.’ senior executive team,” said Howard Averill, Executive VP and CFO of Time Warner (Warner Bros.’ parent company). “She’s smart and collaborative, and I look forward to working with her in her new role.”
In addition to announcing a new CFO last week, Warner Bros. also announced that they will be promoting Reg Harpur to Executive VP, Operations and Planning. In a public statement, the company explained strategic plans for “international expansion, digital transition and resource reallocation from mature businesses to high opportunity, content-creating divisions.”
Cutting Jobs & Streamlining Costs
The changes in leadership come less than a month after the studio announced that they plan to cut over 1,000 jobs and streamline costs. Inside sources have also indicated that Tsujihara has set very “ambitious” goals both operationally and financially for 2015 and beyond. Williams will likely be charged with strategically reevaluating systems, streamline processes, and ultimately cut costs and improve efficiency.
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