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4Kids Chairman, CEO Alfred R. Kahn Retires

posted on 2011-01-11 18:31 EST
Director Michael Goldstein serves as interim chair; company to search for new CEO

4Kids Entertainment Chairman and CEO Alfred R. Kahn resigned and retired from his positions at the company today. The Board of Directors appointed 69-year-old Director Michael Goldstein as its interim chairman, and the company will also begin searching for a new CEO.

4Kids has agreed to pay Kahn six monthly payments of US$250,000 after his departure, along with "certain other benefits." As part of the agreement, Kahn and 4Kids have each released the other of "all claims, damages, rights, remedies, and liabilities against each other." Kahn will fulfill any non-competition and confidentiality agreements per his original employment contract.

Goldstein served as Chairman of the Board of Directors of the toy retailer Toys "R" Us from 1997 to 2001. He was also the Vice Chairman and Chief Executive Officer of Toys "R" Us from 1994 to 1998.

4Kids reported losses in the third quarter, second quarter, and first quarter of 2010. The company issued a press release on Kahn's departure and as well as a Form 8-K notification to investors, as required due to 4Kids' status as a publicly traded company. (4Kids is currently listed in the "Pink Sheets" as an inactive stock after the New York Stock Exchange delisted the company.)

4Kids currently runs the "Toonzai on CW 4Kids" programming block on Saturday mornings in the United States, and it launched a Toonzaki video-streaming website last September. It will release the Yu-Gi-Oh! 3D: Bonds Beyond Time film in theaters in February and March.

Thanks to dynasore for the news tip.

Source: Yahoo! Business


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