Image promotes Framer to president
Replaces Borshell after less than a year in position
By Susanne Ault -- Video Business, 3/16/2009
MARCH 16 | Jeff Framer has been promoted to president at Image Entertainment, which has been locked in rocky merger negotiations with Nyx Acquisitions for some time.
Framer
Framer, formerly Image’s chief financial officer, immediately replaces David Borshell who exits the company after serving less than a year in the top spot. As president, Framer will continue his duties as chief financial officer until a replacement has been found.
His appointment and Borshell’s departure are the latest in a string of roller coaster moves at Image, which has struggled to finalize its purchase by Nyx. Image has threatened to call off the merger more than once in recent weeks, as Nyx has failed to deliver a series of required payments to seal the deal.
Nyx and Image are expected to close the merger by March 20.
In the new structure, Bill Bromiley remains chief acquisitions officer. Rick Eiberg, executive VP of operations/chief technology officer since April, has been promoted to chief operating officer.
Framer says that the corporate shake-up is not related to any ongoing merger discussions. Borshell leaving, and Framer's ascension to his post, has most to do with the strategies of the company's Board of Directors. Going forward, Framer says that he hopes to improve the communication line between Image management and Board members.
However, Framer will be closely following many of the initatives Borshell launched in the past year in order to improve Image's financial performance. For example, Framer will keep beefing up high-profile feature film acquisitions. Also, he will work to bow a theatrical distribution business, considered a major Borshell goal for 2009.
"That is all still in place," said Framer. "We will continue David's mission to create a small theatrical distribution arm. Feature film acquisitions is the biggest focus of what we are doing."
Martin Greenwald, Image’s chief executive prior to Borshell’s appointment in April and currently chairman of the board, thanked Borshell for his service and expressed confidence in Framer, who has worked as the company’s CFO for the past 15 years.
“On behalf of our shareholders, employees and the board, we want to thank David for his many contributions to Image and for his years of service,” said Greenwald. “David was an integral part of Image Entertainment’s growth over the past 24 years.”
About Framer, Greenwald said, “Jeff has repeatedly demonstrated fiscal responsibility and prowess, sometimes under the most difficult of circumstances, and has a solid track record of leadership and achievement. In addition, Jeff has the unequivocal respect and support of Image’s board, senior management and employees.”
