After only nine months in the position, Nick Phillips has resigned as CEO of children’s programming company Entertainment Rights (ER), according to Daily Variety. ER snatched Phillips from Warner Bros. Music U.K. in March hoping he could turn the troubled organization around. He will officially step down at the end of the week.
ER went into debt least year when it acquired Classic Media, a company that boasts catalog of iconic children’s properties including Gumby, Casper the Friendly Ghost, Mr. Magoo, Richie Rich, Peter Cottontail, Rudolph the Red-Nosed Reindeer, Gerald McBoing Boing and Underdog. Employees at ER’s London, New York and Nashville offices have reason to fear for their jobs as the company plans to cuts costs by roughly $7.5 million a year.
Phillis replaced long-time ER chief Mike Heap. A new CEO is expected to be appointed soon to help the company exploit such popular brands as Postman Pat, Tinga Tinga Tales, VeggieTales, Guess with Jess, Rupert Bear, George of the Jungle, Lassie, Basil Brush, The Lone Ranger, He-Man, She-Ra and Rudolph the Red-Nosed Reindeer.