Marco Bassetti will step down as president of Endemol Group after nearly fifteen years with the independent production company.
The production company has scored big hits with its "Big Brother" and "Fear Factor" franchises, but has also run into financial difficulties since going public in 2005.
With billions of dollars of debt on its balance sheets, lenders to Endemol have hammered out a $2.6 billion debt for equity restructuring plan that would put Apollo Global Management and Cyrte Investments in control of the company.
The announcement of Bassetti's departure comes two days after former Italian Prime Minister Silvio Berlusconi's broadcasting company Mediaset said it had sold its stake in Endemol for $94 million.
Bassetti said in a statement Thursday that with capital restructuring deal largely in place, it was time to move on.
"I am leaving behind a great company, run by exceptional talent and in sound creative, operational and financial shape," Bassetti said in a statement. "It has been a great pleasure to work here."
Bassetti first joined Endemol in December 1997 when Aran, the Italian production company he founded in 1989, was acquired by the company. He was appointed chief operating officer of Endemol Group in October 2007 and was promoted to president in August 2009.