Corus Entertainment CEO John Cassaday to Retire
The longtime CEO brought HBO, Oprah Winfrey Network and ABC Spark to Canada.
Longtime Corus Entertainment topper John Cassaday, who brought Univision, the Oprah Winfrey Network and the ABC Spark cable channels to Canada, is set to retire.
His last day will be March 30, 2015, when Cassaday will be replaced as Corus president and CEO by Doug Murphy, currently COO of the Canadian broadcaster. Cassaday helped found Corus, which has cable giant Shaw Communications as its controlling shareholder, 15 years years ago.
Before that, he was president of top-rated CTV Television and the Campbell Soup Co.'s top exec in Canada and Britain. Cassaday told financial analysts on Tuesday, as he revealed his company's latest financial results, that he was leaving Corus at the end of his current contract.
Corus and majority partner NBCUniversal International last year shut down their children’s network KidsCo.
Cassaday told analysts he looked forward to doing "something new and exciting," without giving any hints of what that might be. He has reportedly been linked as a possible replacement for former sports group AEG head Tim Leiweke as CEO of Maple Leafs Sports and Entertainment, which owns and runs the Toronto Maple Leafs and Toronto Raptors pro teams.
Corus on Tuesday reported $51.9 million in net income and adjusted earnings for the three months to November 30, 2014, down from a year-earlier net income of $150.9 million, on overall first quarter revenue virtually unchanged at $227.1 million.