DreamWorks Animation Chief Marketing Officer Anne Globe departs company following the weaker-than-expected opening of Turbo.
DreamWorks Animation said in a regulatory filing Monday, according to a report by The Hollywood Reporter, that chief marketing officer Anne Globe has decided to immediately leave her post after 17 years at the company.
The studio, led by CEO Jeffrey Katzenberg, did not give a reason for her departure, which follows the weaker-than-expected opening of Turbo.
Katzenberg in a memo to staff later said that Globe is starting a consulting business.
Globe "has decided to leave the company on August 5," DreamWorks Animation said in a regulatory filing. "In connection with her departure, Ms. Globe and the company have entered into a letter agreement" detailing the terms of her departure.
For example, Globe "will become fully vested in the service-based restricted stock units that were granted to her prior to 2012, as well as the service-based restricted stock units that were granted to her in November 2012 and are scheduled to vest in November 2013," according to the filing
Other equity-based and long-term incentive awards have been "canceled," the company said. The executive also will get a payment equal to the base salary that she would have received through the end of the year.
DreamWorks Animation also said Monday that it will offer $300 million in debt.
"The company intends to use the net proceeds … to prepay the outstanding loans under its revolving credit facility," it said. "The company expects to use the additional net proceeds, if any, for general corporate purposes, which may include acquisitions and repurchases of the company's common stock."
Katzenberg started his memo about Globe by highlighting her long stay at DWA. "I am sure I speak for all of us when I say we wish Anne the very best in her new endeavors and will miss her dearly," he wrote. "Anne held many senior positions at this company, most recently as CMO, and graced our studio with unmatched dedication, drive and expertise, as well as helped position DreamWorks as an internationally recognized creator of family entertainment."
He added: "Beyond Anne and her team’s amazing work to engage the public with our content, she successfully fostered relationships with many innovative partners, such as McDonald’s, Intel, Hewlett Packard, Nickelodeon, and General Mills, just to name a few. Simply put, without Anne, our company would not be where it is today."
Katzenberg ended on a personal note, saying: "Anne, you’ve been a talented and creative executive, partner and friend to me. Your grace and strength are only outshined by your generosity and professionalism. You’re a class act, and I hold you in the highest regard. I hope to continue our friendship for many years to come."