Justin Milne and Chris Taylor resign from board of troubled Quickflix
Quickflix CEO Chris Taylor steps down
Film and TV streaming service Quickflix last night announced the departures of three of its board members including CEO Chris Taylor and deputy chairman Justin Milne.
Quickflix is among the biggest players in Australia’s rapidly growing video-on-demand sector.
Taylor was previously director of Telstra Media while Milne was group manging director of Telstra’s media operations.
Non-executive director Susan Hunter has also stepped down from the board.
Trading in the company’s shares have been suspended since last week. HBO, which bought a 15.7% stake in the company in February, had its representative Henry McGee resign from the board last week.
Yesterday’s announcement said: “Negotiations continue with regard to the future funding of the company. The directors and management are currently pursuing several options.”
At the time of suspension, the market value of the company was $25m.
Last night’s statement to the ASX said the voluntary suspension would likely remain until Thursday 29 November.
The existing directors are in the process of appointing another director to the board.
Taylor will stay with the company until March, when founder and executive chairman Stephen Langsford will take over the role.
Taylor was appointed CEO in July last year.
In 2011, the company saw rapid growth, signing licensing deals with NBCUniversal, Sony Pictures Television, Warner Bros International Brand Services, Lakeshore Entertainment and distribution deals through Sony products such as Bravia TVs and Playstation 3s as well as home computers.
Hope these guys can survive their current commercial turbulence. Subscription VOD has a viable place in the Australian market, and Quickflix has a great UI and device pentration vs their compeditors. Perhaps though they spent too much too soon.
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I think if you look at the content Quickflix is offering it wasn’t all that impressive. And you can easily access Netflix from Australia now, so I think they’re in for a rough ride.
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Ross, you’d have to be on glue to say they have great UI. Checkout their mobile site eek.
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