Kevin Tsujihara is out as CEO of Warner Bros. after an investigation into allegations of sexual misconduct, which were first reported in the Hollywood Reporter, WarnerMedia CEO John Stankey said in a statement obtained by CNBC Monday.
"It is in the best interest of WarnerMedia, Warner Bros., our employees and our partners for Kevin to step down as Chairman and CEO of Warner Bros. Kevin has contributed greatly to the studio's success over the past 25 years and for that we thank him. Kevin acknowledges that his mistakes are inconsistent with the company's leadership expectations and could impact the company's ability to execute going forward."
Why it matters: The company had just announced a promotion for the Warner Bros. vet to oversee all of WarnerMedia's Global Kids and Young Adults division, which includes assets like Adult Swim and Cartoon Network. A leadership team consisting of Warner Bros. Motion Pictures Group Chairman Toby Emmerich, Warner Bros. Television Group President and CCO Peter Roth, and at least one other top executive" will function as Tsujihara's interim replacement, Variety reported Monday.