Maxon: “I am here to take care of you”
The former head of the company that owns Maxon Cinema and Video Entertainment, Paul Simon, has told the company’s board of directors that he is leaving the company.
Simon said he is taking a year off from the company to be with his wife, Amy, and their two daughters.
The company has been losing money and has faced lawsuits over claims it was not adequately protecting consumers.
Simon said he had made the decision after consulting with his lawyers and other investors.
Maxon was founded in 2003 and has more than $6 billion in assets, including its stake in Hulu, where it has been producing original movies.
Simon resigned from his role as CEO last month and has been replaced by James Pritchard.