Khalid Itum, who was promoted to a top role at MoviePass in December, is leaving the long-struggling ticketing service as it ramps up its film-production operation.
14 Mar, 2019FORTUNE.COM
MoviePass just lost another member.
Khalid Itum, executive vice president of the long-struggling movie-ticketing service, announced he was stepping down after just three months in the position, according to The Wrap. Itum had been handling the company’s day-to-day operations, which will now be overseen by company CEO Mitch Lowe.
“MoviePass has moved in a new strategic direction, and will be refocusing our business model to create a more closely connected relationship between our subscription service and original content production unit, MoviePass Films,” the company said in a statement, adding that Itum had left to “pursue his entrepreneurial and travel pursuits.”
The company is angling to move further into film production, having co-financed or released such films as last year’s John Travolta-led crime-biopic Gotti. The company currently has movies in the works starring Mel Gibson and Al Pacino, among others.
The news of Itum’s departure comes the same week in which MoviePass owner Helios & Matheson revised the company’s 2018 financial statement, noting it had lost millions more than originally reported. MoviePass, which allows users to pay a monthly fee for movie attendance, has been plagued with problems, from customer-service complaints to sheer confusion over its pricing plans. After rumors of bankruptcy last year, it received an additional $65 million in funding.