STX Entertainment president Sophie Watts is set to step down from the company “to focus on new business opportunities”, according to the company.
All divisions previously reporting to Watts will now report directly to CEO Bob Simonds or COO Thomas B. McGrath.
Watts directly oversaw STX’s digital, VR and unscripted TV studios and was instrumental to developing segments of the company from production, to distribution and acquisitions.
She will remain as strategic advisor for STX, which launched in 2014.
She said: “STX has been a life-changing experience for me, not only because of the company’s phenomenal growth and unique approach to global creativity, but because of the hundreds of spectacular people who make it such an extraordinary place to work.
“After more than six years working with Bob, I have decided to step away from my day-to-day role as President of the company to explore new opportunities.
“I want to deeply thank Bob Simonds, Bill McGlashan at TPG Growth, John Zhao at Hony, and the rest of the board for backing this venture. I truly believe that we – the entire STX team – have built a new global media company that is a custom-built home for stars and creators to tell their stories anywhere and through any format. I look forward to seeing the company continue to grow and break new boundaries in the future.”
STX has received a host of investment from various groups including Liberty Global in November 2017. Chinese web video giant Tencent and Hong Kong digital player PCCW also invested in the studio in August 2016.
Simonds said: “Sophie is a force of nature. She is an incredibly talented, versatile executive who has been central to every aspect of growing the company, both domestically and internationally, from inception to the multi-billion-dollar endeavour it is today.
“She has been a great friend and trusted colleague for many years, and her DNA is inextricably intertwined with every part of STX. I am deeply thankful for the ferocious intelligence, tenacity, loyalty, and commitment she has brought to us. I look forward to her continued, valuable support and I can’t wait to see what she chooses to do next.”