HIT Re-Structures Business; Two Execs Exit

HIT Entertainment has announced an internal re-alignment into two clear lines of business: Thomas & Friends and HIT global brands (which includes Angelina Ballerina, Barney, Bob the Builder, Fireman Sam, Pingu and Rainbow Magic).The Thomas & Frien

April 6, 2018

The Thomas & Friends line of business will be comprised of three divisions: a New York-based Thomas Americas headed by Pam Westman (focusing on North and South America); a London-based Thomas EMEA headed by Rick Glankler (for the U.K., Europe, Middle East and Africa) and a Hong Kong-based Thomas Asia headed by Antonio Huab (focusing on Asia, including Australia and Japan). Westman, Glankler and Huab will all report to Sangeeta Desai, HIT's chief operating officer.

The HIT global brands business will be managed from London by Jon Owen as one global division. Owen (who also reports to Desai) will have local staff based in New York, London and Hong Kong. HIT's finance, legal, HR and IT groups will remain centralized staff units supporting both lines of business.

"This

new organization is the logical next step in the evolution of our brand management strategy," says Jeff Dunn, president and chief executive officer of HIT Entertainment. "It will allow us to bring greater focus and attention to all of our brands, which are at different stages in their lifecycle and therefore require different resources to maximize their potential."

As part of these changes Peter Byrne, executive vice president of international consumer products and home entertainment, will leave the company. Byrne joined HIT in September 2005, following the acquisition of the company by Apax Partners.

"Peter is one of the most accomplished executives in the licensing industry and has served HIT both loyally and well," says Dunn. "We will miss him and wish this talented individual well in his next endeavor."

In a further executive change, Gary Krakower, senior vice president of U.S. licensing and live events, has decided to leave HIT Entertainment and pursue another opportunity.

Last month, HIT Entertainment reported that revenues increased to $249.2 million from $238.4 million in the 12 months to July 31, 2009. In March, HIT reached an agreement with lenders to waive a scheduled covenant test on its $579 million debt. HIT and lenders had reached a "forbearance agreement," which waives testing of the entertainment company's financial covenants.

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