Loop Media, Inc. [1] (NYSE American: LPTV) announced this week that companty co-founder Jon Niermann is stepping down as Chief Executive Officer and the Board has appointed Justis Kao as Interim CEO, effective immediately.
Justis has served in various roles at Loop Media, including Chief Communications Officer, Chief of Staff, Investor Relations and, most recently, Chief Content Officer.
Bruce Cassidy has been appointed Executive Chairman of the Board and was quoted as saying “I continue to have tremendous confidence in the future opportunities for the Company and believe in its success. We believe that we have been ahead of the curve for this industry and should be well-positioned moving forward to achieve the type of growth that we originally set out to accomplish. We are fortunate to have some very talented members on our team. On behalf of the Board, I want to thank Jon for his visionary leadership and unrelenting dedication to Loop Media. Justis understands the Company, its people and the opportunity. He has been instrumental in leading a number of initiatives over the years and I have the utmost confidence in him to help lead Loop Media into its next phase of growth,” he concluded.
Loop Media also announced several exits from the company:-
- Bob Gruters, Chief Revenue Officer of the Company, has resigned after three years to pursue another business opportunity outside of the business.
- Randy Greenberg, Chief Operating Officer and Chief Marketing Officer, who only joined Loop Media in July 2023, will be stepping down from those roles and leaving the Company.
Loop Media has also laid off and furloughed certain employees and has implemented salary reductions for other employees. The Company also says that it will have to explore potential strategic alternatives to maximize shareholder value, as well as evaluate potential financing opportunities to help advance its business goals.