Gregory Shamo and Happy Walters have been named co-chief operating officers of Relativity Media, the studio said on Wednesday.
In tapping the pair, Relativity is promoting from within its ranks. Shamo is currently serving as executive vice president of corporate affairs & general counsel, and Walters is the president of Relativity Music Group and Rogue Sports.
(Walters top left, Shamo bottom right)
In addition, Michael Rosner, formerly senior counsel at Loeb & Loeb LLP, has joined Relativity as general counsel.
Also read: Happy Walters Expected to Be Named Relativity Media Co-COO
Billionaire Ron Burkle recently bought a stake in Ryan Kavanaugh's company, which has been hit by a series of exec departures the past year. Word of Walters' promotion leaked Tuesday; he and Shamo share the duties of former COO Brian Edwards, who left the company in October.
“We are continuing to reinforce our executive management team as we establish a foothold as a distributor," Relativity’s CEO Ryan Kavanaugh said in statement. "We are pleased to promote Greg and Happy, and are honored Michael has come aboard. Greg has worked with Relativity both internally and externally and has established some of the company’s biggest deals to date, while Happy’s leadership of the music and sports divisions has been invaluable to the company’s growth. Michael’s expertise and analytical skills make him an asset to this organization.”
Burkle's investment appears to have brought some stability to the studio, which has struggled to find a new financial backer to replace the hedge fund Elliott Management.
For months, the studio had been subject to myriad rumors of financial distress and a revolving door of top executives. Edwards left the company in October after less than six months at the job to return to his old post at Mark Burnett Productions.
Also read: Relativity President Steve Bertram Weighs Leaving After 1 Year (Exclusive)
It is still unclear if President Steve Bertram will remain with the studio. He has also been weighing leaving the company now that his contract is up. A decision on whether he will stay is expected by the end of the month, according to an individual with knowledge of the situation.
Other executives who have exited the studio include Bertram's predecessor as studio president, Michael Joe, who stepped down from his post in May to take a new position at hedge fund Elliott Management. Last week, he said that he was leaving his post at Elliott.
Among the others who have left Relativity since it began its transition from a film financier to a full-fledged studio are: Senior Vice President of Acquisitions Joe Matukewicz, who recently left for a post at Sony; President of Theatrical Marketing and Distribution Peter Adee, who announced last April that he was leaving the studio after 10 months on the job; Worldwide Marketing President Geoffrey Ammer, who stepped down in August, 2010.
Prior to coming aboard at Relativity, Shamo previously represented the company for two years as outside legal counsel at Loeb & Loeb. Walters is a veteran music executive, who has previously been the owner and CEO of Buzztone Music and ran the independent record label, Immortal Records for a time.
The studio also said that in the spring of 2012, all of the company's various departments will be moving under one roof in Beverly Hills. The studio will relocate offices in Santa Monica and West Hollywood including the film marketing, distribution, and production departments along with Relativity Music Group, Rogue Sports and RogueLife (Relativity’s digital studio).