December 18, 2013 / 7:48 PM / 5 years ago

Sony home entertainment chief to leave studio in March

(Reuters) - David Bishop, the president of home entertainment at Sony Corp’s Sony Pictures, will leave the company in March, the latest departure as the studio revamps its operations after criticism from hedge fund investor Daniel Loeb.

“We appreciate his many contributions to the company and wish him well with his future endeavors,” Sony Entertainment CEO Michael Lynton said in a statement on Wednesday.

Sony is battling to win investor support after Loeb in May called on the company to spin off to investors a portion of its entertainment business and take steps to improve the studio’s profitability. Sony rejected Loeb’s spinoff proposal in August.

In November, Lynton said Sony had identified $250 million in overhead and procurement cost cuts that it expects to make in the next two or three years. It also will produce fewer films in a shift toward higher-margin television production.

Bishop’s exit follows the departure this year of the studio’s marketing chief, Marc Weinstock, and public relations veteran Steve Elzer.

“I am extremely proud of the organization and all we have accomplished in an exciting evolving marketplace,” Bishop said in a statement.

Reporting by Lisa Richwine; Editing by Leslie Adler

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