AMC Networks CEO Christina Spade has stepped down from her role less than three months after being promoted to the position.
“We thank Christina for her contributions to the company in her CEO role and her earlier CFO role, and we wish her well in her future endeavors,” AMC Networks Chairman James Dolan said in a statement.
In a regulatory filing Tuesday AMC Networks said Spade will receive her severance payment in accordance with her Aug. 4 employment agreement, which said she’d be eligible for it if terminated without “cause” or if she resigned for “good reason.”
AMC Networks shares were down about 6% early Tuesday trading.
The New York City company also owns Madison Square Garden Entertainment and operates several cable networks such as AMC, IFC and Sundance TV.
An industry veteran who previously held top positions at ViacomCBS, CBS and Showtime, Spade joined AMC Networks as CFO in 2021. Later she replaced interim CEO Matt Blank taking over the role as of Sept. 9.
Spade will receive a severance payment of more than $10 million, in addition to benefits associated with restricted stock and other awards.
“The AMC Networks board of directors is currently finalizing who it will name as a replacement, with an announcement to follow,” the company said.