Just Spee has been named chief executive officer of Endemol Group as the financially troubled production company is completing a massive capital restructuring plan.
His promotion comes a day after Endemol announced that Marco Bassetti will step down as president of Endemol Group after nearly fifteen years with the company.
Spee (has served as Endemol's chief financial officer since 2010.
Also read: Marco Bassetti Stepping Down as Endemol Group President
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, Endemol's lenders 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.
It has been an eventful week for Endemol. In addition to the shake ups in Endemol's executive team, former Italian Prime Minister Silvio Berlusconi's broadcasting company Mediaset said it had sold its stake in the company for $94 million because the value of its shares had been diluted from the restructuring plan.
In a statement, Spee said that Endemol had turned the page on its hard times.
"I look forward to establishing a strong executive team that will drive the business forward," Spee said. "This, alongside an agreement in place with lenders that will put the company on a firm financial footing, strongly positions us for a bright future.”