Snyder
MONTREAL -- Troubled Canuck kids-TV producer Cinar Corp. has tapped former WWF Entertainment president Stuart Snyder as its new president and CEO.
Snyder replaces George Rossi, who was serving as interim CEO at Cinar and will now return to his former job as chief financial officer at the Montreal-based company.
Cinar has been at the center of a financial scandal for over two years following allegations of tax-credit fraud and risky off-shore investments made without board approval. But, at a press conference in Montreal, Snyder said that while he was well-aware of Cinar's troubled past, he would be focusing on the future in his new job.
"I am confident that Cinar will once again regain its position as a leader in the industry," said Snyder. "I'm focused on growing the company. My job is to maximize all of our assets."
Snyder will also sit on the Cinar board of directors and the executive committee.
He previously served as president and chief operating officer of WWF Entertainment, where he initiated and negotiated the purchase of World Championship Wrestling. He also developed film and TV projects for WFF Entertainment, including Universal's "The Scorpion King" and MTV's "WWF Tough Enough".
Prior to his stint at WWF, Snyder was president of USA Home Entertainment, and, before that, was president and chief operating officer of Feld Entertainment. He was also previously executive vice-president/general manager of Turner Home Entertainment.
Cinar chairman Robert Despres said Tuesday that there are three companies actively looking into acquiring all or parts of Cinar, and that all three have signed "stand-still" agreements with the company. Despres said that ousted co-CEOs Micheline Charest and Ronald Weinberg -- who still own a controlling interest in Cinar -- were not involved in the decision to hire Snyder.
Robert Chapman, managing member of Chapman Capital, a minority shareholder in Cinar, said the naming of Snyder to the top post at Cinar was not going to help turn around the company's fortunes. He said it will only hinder a sale, now that Snyder is locked into a deal to receive $500,000 annually for the next three years.
"It was more likely to be sold (before today's announcement)," said Chapman. "We believe the company should be sold as soon as possible to the highest bidder. The only good news is that there are three interested parties that have signed non-disclosure agreements."
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