Quickflix continues search for new funding as CEO, deputy chairman resign
The future of DVD and online streaming company Quickflix remains in question after the resignation of its chief executive and deputy chairman amid an ongoing search for new funding.
Quickflix chief executive Chris Taylor will now leave the company in March 2013 with founder and executive chairman, Stephen Langsford, set to replace him. Taylor, a former Telstra Media executive, joined Quickflix in July 2011.
The company, which has been in a trading halt since November 13, also announced that non-executive director and deputy chairman Justin Milne and non-executive director Susan Hunter have resigned although Hunter will continue as company secretary. It follows the resignation of HBO-elected board representative Henry McGee on November 16.
Time Warner's HBO took a $10 million stake in Quickflix in February but the film and TV rental house has continued to burn through its cash reserves as it aggressively stitched up new content deals and pursued subscriber growth.
"Quickflix advises that negotiations continue with regard to the future funding of the company," Quickflix said in a statement to the Australian Securities Exchange. "The directors and management are currently pursuing several options and working through a restructuring plan to reduce costs and capital requirements."
Quickflix said it is now likely to remain in voluntary suspension until November 29. It previously said it expected its initial trading halt to end on November 15.