Universal Pictures Replaces Chairmen
In a major shake-up of its executive ranks, Universal Pictures has dismissed chairmen Marc Shmuger and David Linde.
In their place, marketing exec Adam Fogelson has been promoted to chairman of Universal Pictures. Donna Langley has been named co-chairman, while Rick Finkelstein, already vice chairman and COO, will acts as a “key strategic adviser” to both.
Fogelson will report to Universal president and CEO Ron Meyer and will oversee the company’s worldwide motion picture group, which includes movies, home entertainment and licensing, among other aspects.
Shmuger and Linde extended deals with major Universal suppliers such as Imagine and Working Title, set deals with toy company Hasbro, comic book company Dark Horse and the estate of Robert Ludlum.
But, with the exception of the sequel “Fast & Furious,” Universal’s 2009 boxoffice returns hit one setback after another. Neither the adult-skewing romantic comedy “Duplicity” nor the drama “State of Play” could climb past the $40 million mark. “Land of the Lost,” which aimed to corral the family audience, stalled at $50 million.
Sacha Baron’s Cohen’s gonzo comedy “Bruno” took in $60 million, but fell well short of the comedian’s 2006 “Borat,” which had a domestic take of $128.5 million. And the Adam Sandler comedy “Funny People” stalled at just $52 million.
The studio squeezed domestic returns of $97 million out of the Michael Mann/Johnny Depp gangster movie “Public Enemies” — and the movie has taken in another $99 million abroad — but it was still seen as a pricey exercise that fell short.
What sealed the fate of the duo, insiders say, was not the boxoffice, but the lack of team-building that went on in the aftermath of the disappointments. Infighting between execs were a regular occurrence, while on-the-lot producers openly showed their displeasure. Hollywood Reporter
No it hasn’t been the stellar year for Universal Pictures. Hopefully the next release Couple’s Retreat will fair better or The Vampires Assistant; I’m sure Universal is hoping to reek some benefit of the Twilight phenomena with that one. November 6th is the release of the alien thriller The Fourth Kind and Christmas sees the release of It’s Complicated that stars Steve Martin, Alec Baldwin and Meryl Streep.
