Yahoo’s chief marketing officer since 2012, Kathy Savitt, is leaving the technology company to join a new Burbank film and TV firm, STX Entertainment.
Savitt will become STX Entertainment’s digital content business head starting next month, the studio said in a statement.
Savitt’s move comes as another setback for the Sunnyvale, California technology giant, which has been hit by a difficult week.
Early this week, Yahoo announced that the Internal Revenue Service has declined to approve its proposed tax-free spin-off of its USD230bn stake in Alibaba Group.
The company also lost its top European executive Dawn Airey.
Yahoo’s loss is STX’s gain.
STX Entertainment was launched by producer Bob Simonds last year with TPG Capital to focus on films with low- to mid-level budgets for USD20m to USD60m.
STX is gearing up to make original short videos and long-form series for the Web at a time when Silicon Valley companies have increasingly courted Hollywood for content, LA Times has reported. – BusinessNewsAsia.com