Discovery Communications has to discover a new CFO for itself. Andrew Warren, who has held the job since 2012, plans to leave at the year’s end. The company hired Howard Fischer Associates to lead the search for a replacement.
There’s no word yet on why Warren’s leaving. He says that he’ll “remain a long-term shareholder,” adding that his decision to leave “was a difficult and personal one, yet I look forward to my next career opportunity.”
Discovery’s share prices climbed steadily to the end of 2013 but have lost about 40% of their value since mid-2014.
He came to the TV company from Liz Claiborne, but before that served as EVP and CFO of the NBC Universal Television Group and in other capacities during a long stint at GE.
Discovery credits Warren with helping to engineer its acquisitions of SBS Nordic and Eurosport, a joint-venture acquisition of All3Media, raising $3 billion in debt and acquiring European multiplatform rights to the Olympics beginning in 2018.
“Under his guidance we have invested in more original content and sports IP, diversified our global businesses and platforms and developed innovative currency and tax management strategies,” CEO David Zaslav said. “He has been a valued partner to me and a dedicated leader for our company.”
The programming company changed Warren’s contract to deem this a “Termination Without Cause,” according to an SEC filing, which will give him the most favorable exit terms provided for in his agreement. If Discovery finds his replacement before the end of the year, he will continue to be employed “in a different capacity” until year’s end. But it he leaves before then, he will “forfeit his rights to any severance compensation.”