Relativity Media executives Greg Shamo, Andrew Matthews and Happy Walters have resigned their posts at the studio, TheWrap has learned, as the company faces a major post-bankruptcy reorganization and prepares to spin off its TV division.
“As Relativity continues to position itself to emerge from Chapter 11, Ryan Kavanaugh has terminated the employment of both Chief Financial Officer Andrew Matthews and President of Relativity Sports Happy Walters,” a Relativity spokesperson said.
An insider close to the company also said that “Ryan intends to terminate Greg Shamo today,” who serves as chief operating officer.
The Wednesday departures come on the heels of President Tucker Tooley’s resignation on Monday. It’s unclear how these executive changes might affect Kavanaugh’s planned recapitalization of the bankrupt company.
Matthews held the title of co-COO and Walters the head of Relativity’s sports agency. An active search is underway for Matthews’ replacement, an individual with knowledge of the transition said. It’s currently unknown who will lead the sports division.
Walters maintains that he voluntarily stepped down, per a press release, and intends to announce plans for a new sports-media venture in the future.