A series of big budget summer box office flops and investor criticism has led to management changes at Sony‘s (SNE) film unit.
Sony Pictures’ public relations head and its marketing chief have departed the company. Sources tell the New York Post that more executives are likely to leave Sony Pictures in coming months.
The studio was heavily criticized by activist investor Daniel Loeb, who urged Sony to spin off its film business earlier this year. Sony rejected the idea, but the studio is clearly facing corporate pressure to make changes.
Two Sony blockbusters — Will Smith’s After Earth and the Channing Tatum starrer White House Down — bombed with audiences this summer. The failures were cited by Loeb in his battle to convince Sony to separate the studio from its other businesses.
In a recent interview, Sony CEO Kazuo Hirai said that Sony Pictures would change the way it approved new film projects.
Shares of Sony fell about 1% in Wednesday mid-day trading.