Hollis Johnson/Business Insider
- MoviePass executive vice president Khalid Itum has resigned, several sources with knowledge of the decision told Business Insider.
- Itum’s exit follows growing frustration about the direction the company is headed, the sources said.
- Itum had been running the day-to-day operations at MoviePass since late last year.
- At least three other management-level staff also resigned in the last few weeks.
MoviePass executive vice president Khalid Itum has resigned, and his final day at the company will be within the next two weeks, several sources with knowledge of the decision told Business Insider.
Itum handed in his resignation last week after growing frustrated with the direction the company was going in, according to the sources.
MoviePass CEO, Mitch Lowe, handed over day-to-day operations to Itum late last year. Before that, Itum was the VP of business development.
Itum is not the only management-level staffer to exit the company. In the last few weeks, Bernadette McCabe, senior vice president of exhibitor relations; Joey Adarkway, the chief technology officer; and Jake Petersen, a senior vice president who was heading the company’s human resources department, all resigned, according to several sources. (Petersen will continue to consult for the company.)
Like Itum, some of the people who resigned were not happy with the recent developments at the company, according to the sources. After MoviePass’ parent company, Helios and Matheson Analytics, was delisted from the Nasdaq, MoviePass laid off its three-person business development team based out of Los Angeles, and then closed up its LA office.
Then last week, MoviePass announced that it was revamping its business model to start working more closely with its film production shingle, MoviePass Films.
In a filing with the Securities and Exchange Commission on Tuesday, Helios and Matheson also said investors should not rely on some of its previously issued quarterly and year-to-date financial statements, as they were not accurate. Helios and Matheson said it may have underestimated its Q3 net loss by $9.5 million.
MoviePass did not respond to a request for comment.
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