Per C21MEDIA: Nick Philips is leaving troubled U.K. kids company Entertainment Rights after just nine months as its chief executive.
The news was announced to the London stock exchange this morning and followed the news, revealed by C21 last week, that the firm is axing around 22 jobs in an effort to reduce debt and dispose of non-core assets.
An ER representative said that Philips's exit was "amicable," adding: "At this time we need to have a CEO with specific turnaround skills."
Philips, former chairman and CEO of Warner Music U.K., joined the firm in March this year, replacing Mike Heap. Details about Philips's successor are to be announced shortly.
The company recently hired a new chief financial officer, Edward Knighton, who is described as having "extensive experience of turnaround situations," to review the operational and financial position of the company.
The London-based firm is currently around 127M Pounds (US$188.5m) in debt -- largely incurred after it acquired New York-based Classic Media last year for 106.9M Pounds.
