Hulu CEO Jason Kilar announced his resignation Friday, ending years of speculation that the chief architect of the streaming service would depart amid disagreements over the company's direction.
After five years at Hulu, Kilar plans step down before the close of the first quarter. CTO Rich Tom will exit as well.
No word yet on whether there will be an interim replacement for Kilar or what lies next for the former Amazon exec, who has been credited for supplying the vision and direction that has turned Hulu into a go-to destination for premium TV programming.
"I've been so fortunate to play a role in this amazing, ongoing journey," he said in a blog post on the company's website. "My decision to depart has been one of the toughest I've ever made."
Kilar's departure marks yet another tumultuous moment for the joint venture, which is currently overseen by News Corp. and Disney. NBCUniversal is also an owner but has no direct oversight of the company per a condition of Comcast's acquisition of the conglom. A fourth owner, Providence Equity Partners, exited last fall, selling its stake in Hulu to the other stakeholders.
"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," said Disney chairman/CEO Bob Iger. "We are proud of his achievements, we appreciate what he's built, and we share his confidence in his team's ability to drive Hulu forward from here."
News Corp. CEO Rupert Murdoch weighed in as well. "Jason and his team have done a great job building Hulu into one of the leading online video services available today and it's incredibly well positioned for the road ahead. We are grateful for Jason's leadership and wish him the best on his next venture."
Despite the credit Kilar has received for launching a website whose initial prospects were considered so dim by some that it earned the nickname "Clown Co.," his exit had been awaited as far back as early 2011 when he penned a blog post that was sharply critical of the parent companies' strategies. Hulu was nearly sold in late 2011, which also furthered speculation
That speculation only intensified in August when Variety first reported on the contents of a leaked memo that seemed to suggest the CEO's departure was a foregone conclusion. "Outline transition plan for new CEO. Discuss potential candidates and process," read the internal memo's first sentence.
But Hulu and its parent companies denied that statement represented any intent to leave on Kilar's part. Sources explained that the memo represented contingency planning in the event that Kilar chose to leave, which was considered increasingly possible considering he and many other executives that were with the venture from the beginning stood to earn a windfall in vested shares triggered by the Providence buyout.
The private equity firm's sale of the 10% stake was worth $200 million at the time of the buyout in October.
Click here for more television news on Variety.com.
After five years at Hulu, Kilar plans step down before the close of the first quarter. CTO Rich Tom will exit as well.
No word yet on whether there will be an interim replacement for Kilar or what lies next for the former Amazon exec, who has been credited for supplying the vision and direction that has turned Hulu into a go-to destination for premium TV programming.
"I've been so fortunate to play a role in this amazing, ongoing journey," he said in a blog post on the company's website. "My decision to depart has been one of the toughest I've ever made."
Kilar's departure marks yet another tumultuous moment for the joint venture, which is currently overseen by News Corp. and Disney. NBCUniversal is also an owner but has no direct oversight of the company per a condition of Comcast's acquisition of the conglom. A fourth owner, Providence Equity Partners, exited last fall, selling its stake in Hulu to the other stakeholders.
"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," said Disney chairman/CEO Bob Iger. "We are proud of his achievements, we appreciate what he's built, and we share his confidence in his team's ability to drive Hulu forward from here."
News Corp. CEO Rupert Murdoch weighed in as well. "Jason and his team have done a great job building Hulu into one of the leading online video services available today and it's incredibly well positioned for the road ahead. We are grateful for Jason's leadership and wish him the best on his next venture."
Despite the credit Kilar has received for launching a website whose initial prospects were considered so dim by some that it earned the nickname "Clown Co.," his exit had been awaited as far back as early 2011 when he penned a blog post that was sharply critical of the parent companies' strategies. Hulu was nearly sold in late 2011, which also furthered speculation
That speculation only intensified in August when Variety first reported on the contents of a leaked memo that seemed to suggest the CEO's departure was a foregone conclusion. "Outline transition plan for new CEO. Discuss potential candidates and process," read the internal memo's first sentence.
But Hulu and its parent companies denied that statement represented any intent to leave on Kilar's part. Sources explained that the memo represented contingency planning in the event that Kilar chose to leave, which was considered increasingly possible considering he and many other executives that were with the venture from the beginning stood to earn a windfall in vested shares triggered by the Providence buyout.
The private equity firm's sale of the 10% stake was worth $200 million at the time of the buyout in October.
Click here for more television news on Variety.com.
