20th Century Fox and Fox Entertainment Group’s Executive Vice President Greg Gelfan is resigning his position after more than two decades with the studio, an individual with knowledge of his plans told TheWrap.
Gelfan joined Fox in 1994, previously having worked at Paramount. He was hired by former Fox chairman Peter Chernin and former Fox president Bill Mechanic.
Gelfan will step down in June as the studio seeks a replacement. While the executive wasn’t involved in Fox’s creative strategies, he was said to have close working relationship with Fox Filmed Entertainment Chairman and CEO Jim Gianopulos. The news was first reported by Variety.
Fox’s employment landscape is undergoing major changes — 300-400 employees recently accepted buyouts from the global corporation, roughly half the headcount they need off payroll to meet a previously reported $250 million budget cut.
“Cost management is something that happens in a business on a continuous basis,” CEO James Murdoch has said of the cuts.
Fox reported $7.23 billion in revenue for Q3. They employ approximately 20,000 people worldwide.