Warner Brothers CEO Exits After Sexual Misconduct Investigation
Warner Brothers CEO Kevin Tsujihara lost his job Monday after allegations of sexual misconduct, according to CNBC.
What Happened
The company has yet to name a successor for the exec, who is still under investigation for allegedly promising acting roles in exchange for sex. The Hollywood Reporter first reported the allegations — which date to 2013 — in March.
Why It's Important
WarnerMedia is owned by AT&T (NYSE: T). Tsujihara, 54, had worked for Warner Bros. for 24 years.
Tsujihara was the first executive of Asian descent to head a major Hollywood studio and led Warner Bros. to its most profitable year in 2017, CNBC said.
He has admitted that his mistakes are inconsistent with the company’s leadership and could impact the company’s ability to execute going forward.
What’s Next
Tsujihara and Warner Bros. are working with a third-party law firm to complete an investigation into his alleged misconduct, according to Fox News.
AT&T shares were up 0.16 percent at $30.73 at the time of publication Monday.
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