More IDW Leadership Turnover, Company Lost Millions Last Year
IDW continues to struggle with leadership. CEO and founder Ted Adams was replaced last summer by Kerry McCluggage, a TV executive. Now he’s left after 7 months. The new CEO of parent company IDW Media Holdings is Howard Jonas, Chairman (and the company’s biggest stockholder).
The company is also losing a lot of money, most out of its entertainment division. ICv2 has analyzed the company’s delayed fiscal year report for 2018. They lost 36 million dollars last year. Jonas previously loaned the company $28 million to cover costs for IDW Entertainment, the part responsible for TV and film production.
The publishing arm, responsible for the comics, lost $823,000 in the fourth quarter of the fiscal year, and $3.4 million for the year overall. They also ran at a several-million-dollar loss in 2017. Chris Ryall’s return to that division as President happened in December, after the fiscal year ended, so perhaps he can turn things around there.