Hulu CEO Jason Kilar, chief technology officer Rich Tom to step down in April
Jason Kilar, chief executive officer of Hulu LLC, said he is leaving the online video service, two months after receiving a multimillion dollar payout.
Kilar, 41, will step down by April and is working with Hulu's board on a transition, according to a statement Friday on the company's website. Chief Technology Officer Rich Tom will also depart. Kilar declined to comment beyond the announcement, said Elisa Schreiber, a spokeswoman.
The resignation follows Hulu's October repurchase of a 10 percent stake held by Providence Equity Partners Inc. for $200 million, a deal valuing the company at about $2 billion. Kilar and other executives also sold shares, with the CEO receiving about $40 million, people told Bloomberg at the time. The deal left ownership of Los Angeles-based Hulu fully in the hands of Walt Disney Co., News Corp. and Comcast Corp.'s NBC Universal.
"Jason has been an integral part of the Hulu story, transforming it from an interesting idea into an innovative business model that continues to evolve," Bob Iger, Disney's chairman and CEO, said in an e-mailed statement.
Hulu said last month 2013 revenue climbed 65 percent to about $695 million as subscribers to the $8-a-month service more than doubled to 3 million.
The company remains behind Netflix Inc.'s more than 30 million worldwide subscribers, and faces emerging competition from the new Redbox Instant service offered by Verizon Communications Inc. and Coinstar Inc., as well as Amazon.com.