Univision Communications announced today that its president and CEO Joe Uva has resigned. According to the company, Uva had informed the board of directors that he would not renew his current contract, which expires on April 2, in pursuit of other opportunities. Uva, who has been at Univision for the past four years, will stay on until the end of his contract. “Univision is a better company today due to Joe’s efforts in building a strong leadership team and positioning Univision for long-term success,” Univision’s executive chairman Haim Saban said. The search for a new CEO will begin immediately. In the interim, Saban will assume additional responsibilities.

Uva was named president and CEO of Univision at the completion of the company’s acquisition by an investor group led by Saban in 2007. Before that, Uva served as president and CEO of OMD Worldwide for five years and spent 17 years at Turner Broadcasting. Univision has been on a roll lately, regularly beating the broadcast networks in adults 18-34 and often challenging them in 18-49. Uva’s resignation comes at an unfortunate time as Univision is set to present its lineup for next season to advertisers in two months but it is another indication that the privately held company’s backers are considering taking it public.