Sagansky on Peace Arch CEO search

Seeking permanent replacement for Howsam

TORONTO -- Peace Arch Entertainment investor Jeff Sagansky hopes to name a permanent CEO for the Canadian film and TV company, likely based in Toronto, by the end of July.

Peace Arch co-chairman Sagansky stepped in as interim CEO of Peace Arch in November after former head Gary Howsam was placed on administrative leave. At the same time, the company immediately began a hunt for a permanent replacement.

Following a shareholders meeting in Toronto, Sagansky said the film and TV producer also is in talks to secure a senior credit facility from a major bank to end an acute need for working capital, a search that has been complicated by a poor credit market.

In January, Sagansky and co-chairman Drew Craig loaned Peace Arch CAN$2.6 million ($2.56 million) to get the Canadian producer through a financial audit.

The former co-president of Sony Worldwide Television and head of CBS programming said he wants to bolster Peace Arch's Canadian business, particularly on the film distribution and TV series production sides.