- After almost eight years in the position
- Praise and thanks for Niermann
- Justis Kao taking over temporarily
- Niermann will remain as member of the management team at Loop Media
- Niermann said 96 words
(exechange) — Burbank, California, March 19, 2024 — Jon Niermann, chief executive of Loop Media, leaves his position. As announced by Loop Media Inc. in a news release published on Monday, March 18, 2024, and in a regulatory filing published on Tuesday, March 19, 2024, Jon M. Niermann has left his post as chief executive officer at the connected TV service, after almost eight years in the role, effective March 17, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Jon Niermann’s duties as CEO will be taken over temporarily by Justis Kao, previously Chief Content Officer at Loop Media Inc., as Interim Chief Executive Officer.
Jon Niermann’s move coincides with a management shake-up also involving the positions of Chief Revenue Officer; and Chief Operating Officer and Chief Marketing Officer.
“It’s time for a change of leadership”
The management change is explained as follows. Niermann stated: “While I have loved leading our team since I co-founded the Company, it’s time for a change of leadership for the Company and shift in focus for my role.”
Niermann will remain as member of the management team at Loop Media
Loop Media stated: “Effective March 17, 2024, Mr. Jon Niermann (“Mr. Niermann”), the Company’s Founder and Chief Executive Officer (“CEO”), stepped down from his position as CEO but will continue to serve as a member of the Board and the management team of the Company and has taken on a role to assist the Company with outward-facing sales and distribution efforts and to ensure an orderly transition for his successor.”
“Stepping down”
Loop Media said: “Jon Niermann is stepping down as Chief Executive Officer and the Board has unanimously appointed Justis Kao as Interim CEO, effective immediately.”
Share price decline since March 2023
The announcement follows a decline in Loop Media Inc.’s share price of 92% since March 2023.
In the position of CEO since 2016
Jon Niermann became CEO of the Company in 2016.
Niermann will remain a member of the Board and management team, maintaining a strategic focus on revenue and distribution.
In addition, Bruce Cassidy has been appointed Executive Chairman of the Board.
Jon M. Niermann is the Company’s Co-Founder, has been Chief Executive Officer since May 2016, and until November 2022, served as Chairman of the Board.
Prior to founding Loop Media, Inc. in 2016, Niermann founded FarWest Entertainment, a global platform bridging the Asia-Pacific region and the West through multimedia entertainment and strategic partnerships, and served as its Chief Executive Officer and Executive Producer from 2010 to 2015.
From 2008 to 2011, Niermann was a late-night talk show host for the Fox International Channel’s “Asia Uncut.”
He served as President of Electronic Arts Asia from 2003 to 2010, where he helped move the company’s game portfolio into online gaming, and spent fifteen years, from 1988-2003, with The Walt Disney Company, including as Managing Director and President, Asia Pacific, of Walt Disney International from 2001 to 2003.
Niermann holds a Bachelor of Science and Arts in Finance and Marketing from the University of Denver, and an MBA from UCLA’s Anderson School of Management.
96 words by Jon Niermann
In the release announcing his departure as CEO of Loop Media Inc., Jon Niermann received praise and thanks.
In announcing his departure, Jon Niermann said 96 words.
“Shift in focus for my role”
Jon Niermann stated: “While I have loved leading our team since I co-founded the Company, it’s time for a change of leadership for the Company and shift in focus for my role. Going forward, I feel I can provide more support to Loop in a customer-focused revenue-generating capacity. My main goal has always been to get a return for our shareholders while growing a meaningful media-tech company that will leave a lasting footprint. Justis knows the Company very well and has my and the organization’s full support and confidence. I look forward to driving growth in revenue and distribution.”
The above text is an excerpt from the exechange report 13.2024 ($), publication date March 25, 2024.