Hollis Johnson/Business Insider
- Helios and Matheson Analytics CFO Stuart Benson has resigned, according to an SEC filing by the company on Friday.
- The filing said Benson is leaving the company, which is the owner of MoviePass, to "accept another employment opportunity."
- Business Insider reported Wednesday that MoviePass executive vice president Khalid Itum and three other management-level staff had resigned in the last few weeks.
In a filing with the Securities and Exchange Commission on Friday, Helios and Matheson Analytics, the parent company of MoviePass, announced that its chief financial officer and secretary of the company, Stuart Benson, had resigned.
The filing said Benson was leaving the company after two-plus years to "accept another employment opportunity."
Benson is not the only executive to leave MoviePass’ orbit recently.
Business Insider reported on Wednesday that Khalid Itum, the executive vice president of MoviePass who was handling the day-to-day operations, resigned last week. Along with Itum, three other management-level MoviePass staff had also handed in their resignations in the last few weeks. Itum and others left the company due to growing frustrations about the direction the company was headed, multiple sources familiar with their thinking told Business Insider (some of those managers will continue to consult for the company).
The management shake-up comes as MoviePass, the main business for Helios and Matheson, is at a major transition point. The company has said it will refocus its "business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films."
The company’s financial footing has been a source of concern for investors.
Helios and Matheson was delisted from the Nasdaq in February and, in a filing with the SEC on Tuesday, said investors should not rely on some of its previously issued quarterly and year-to-date financial statements because they were not accurate. The company said it may have underestimated its third quarter net loss by $9.5 million.
Helios and Matheson was not immediately available to comment to Business Insider.
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- The MoviePass exec running day-to-day operations has resigned along with 3 other managers
- MoviePass’ parent company admits investors can’t rely on some of its previous financial statements, and says it underestimated losses
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Source: Business Insider – jguerrasio@businessinsider.com (Jason Guerrasio)