Hulu is about to lose its CEO. Jason Kilar, who has led the online video-streaming service since its 2007 launch, announced on Friday that he’ll leave the company by the end of March.
While Hulu has attracted more than 3 million subscribers and posted $700 million in revenue last year, it continues to lose money. Sources told the Associated Press that Kilar sold his stake in Hulu for about $40 million late last year.
Although initially free for users, Hulu introduced a $10 monthly subscription fee in 2010. That was later dropped to $8 per month, the same price as rival Netflix’s (NASDAQ:NFLX) video-streaming monthly fee.
In addition to Kilar, Hulu’s chief technology officer and former Microsoft (NASDAQ:MSFT) executive, Richard Tom, will also depart in March.
Shares of Disney fell more than 1% in Monday morning trading, while News Corp slipped fractionally.