ZOO Digital: Chairman to step down as entertainment industry returns to 'business-as-usual'
Digital media company ZOO Digital Group has revealed that its chairman is stepping down, as the global entertainment industry shows signs of returning to “business-as-usual” following a period of disruption.
The company, founded in 2001, works with major Hollywood studios and streaming services on subtitling and dubbing content.
It has a development and production centre in Sheffield as well as hubs in Los Angeles, London, Dubai, Turkey, South Korea, India, Spain, Italy and Germany,
The firm said Gillian Wilmot, the chairman and non-executive director who joined the ZOO Board in July 2019, has decided to step down from her role no later than the company's 2026 AGM.
This follows the completion of $7.7m in annualised fixed cost savings “to rightsize..operations and create a sustainable profitable platform for the future”, ZOO Digital said.
Mickey Kalifa, who joined the board in October 2017, will also step down as non-executive director “in line with best practice corporate governance” as he approaches his maximum nine-year tenure.
Nathalie Schwarz, a non-executive director and senior independent director of the company, will assume the role of chair with effect from Ms Wilmot’s departure.
She said: "On behalf of the board and the company, I would like to thank Gillian and Mickey for their significant contributions to ZOO Digital.
"They have played important roles in restructuring the business and establishing a platform for cash-generative operations, improved profitability and sustainable growth.”
A company statement said: “Nathalie is a qualified corporate finance lawyer and has recently represented technology suppliers in multiple roles with The International Trade Association for the Broadcast and Media Industry (IABM), including Vice Chair of the Association, Chair of the Supervisory Board and Vice Chair of the Honorary Members Board.”
The departure dates of Ms Wilmot and Mr Kalifa will be announced in due course, the group said.
ZOO said it had started a search process to appoint two new independent non-executive directors.
Ms Wilmot, the outgoing chairman, commented: "My six years-plus tenure has been a rollercoaster ride of profound changes in the global streaming market with significant growth and scaling then a series of major industry ‘interruptions’ requiring a significant cost restructure.
"I am confident the business is now well positioned for the next phase of its development as we are repositioned for growth and ZOO has my full support as a shareholder."
The company said it has continued to adapt to a changing market environment following a series of upheavals, which included the Hollywood writers' and actors' strikes in 2023.
In a statement, ZOO Digital said: “As noted in the interim results, the company has seen an increase in Request for Proposal (RFP) activity, a sign of an industry returning to business-as-usual following a period of prolonged disruption.”
It added: “ZOO has recently been selected to provide localisation, media services and end-to-end services across two major studio customers from which it has since received initial orders, with the company's end-to-end model, technological competence and faster fulfilment having been critical to selection as part of a competitive RFP process.”