Weinstein COO axed over ‘cause’

The Weinstein Company (TWC) has voted to terminate its president and COO, David Glasser, citing “cause”.

According the US news outlets, concern had grown over Glasser’s lack of action over employee harassment claims at the beleaguered film and TV production companies.

TWC’s board released a short statement, saying it had “unanimously voted to terminate David Glasser for cause”, but did not go into further detail.

Some are claiming New York attorney general refused to allow deal to sell the business to complete while Glasser remained.

Before that, Glasser, who worked under Harvey Weinstein before the latter’s career derailed, was thought to be in line to become the CEO of a new look TWC led by former President Obama small business administration chief Maria Contreras-Sweet.

Glasser’s exit is just the latest development in the recent history of TWC, which has been close to bankruptcy since allegations over Weinstein’s behaviour first emerged last year.

Weinstein has since left the company, and a number of legal cases may follow, with police in the UK and US looking into various allegations of harassment and more serious sexual assault and rape charges. He denies all charges, but has apologised for his behaviour.

New York attorney general Eric Schneiderman earlier this month filed a suit against Harvey and Bob Weinstein and TWC. He alleges management were “complicit” in Harvey Weinstein’s behaviour by not stopping it.

Meanwhile, Schneiderman, is reported to have stopped the US$500 million deal that would have seen a group led by Contreras-Sweet take over TWC.

TBI was unable to contact him or the TWC board before press time.

Timetable

October 2017 – Allegations over Harvey Weinstein’s sexual behaviour begin to surface and quickly lead to his departure from TWC.

Colony Capital pulls proposed funding from TWC after allegations over Weinstein’s actions intensify, send the latter towards bankruptcy

January 2018 – Reports suggest plans are underway to rebrand the now-toxic TWC name

Former President Obama staffer Maria Contreras-Sweet and an investment group including financier Ron Burkle fight off competition to near a US$500 million Hail Mary deal for TWC. She plans to turn it into a female-led operation

February 2018 – The New York Post reported Contreras-Sweet was pulling out of the deal after becoming frustrated with New York attorney general Eric Schneiderman insistence of monitoring her new look board

David Glasser is removed from his president and COO, a move that may precede Contreras-Sweet’s deal getting back on the table