Discovery CFO Warren to Leave By Year-EndSearch Begins For Replacement 2/23/2016 5:30 PM Eastern
Discovery Communications said its chief financial officer Andrew Warren has decided to leave the company, but will remain in his current positon through the end of the year to ensure a seamless transition.
Warren joined Discovery in 2012 after stints at Liz Claiborne and General Electric. Discovery said an internal and external search for his replacement will begin immediately and the company will engage executive search firm Howard Fischer & Associates.
“Discovery is a better company because of Andy Warren and I cannot say enough about his commitment and collaboration over the past many years,” Discovery CEO David Zaslav said in a statement. “Andy has brought a focus on capital allocation and our balance sheet that has helped drive strong organic and free cash flow growth. Under his guidance we have invested in more original content and sports IP, diversified our global businesses and platforms and developed innovative currency and tax management strategies. He has been a valued partner to me and a dedicated leader for our company. On behalf of the entire management team and our Board of Directors, I thank him for his numerous contributions to Discovery’s success and I am pleased he will remain with the company through the end of 2016, ensuring a smooth transition.”
Warren led the financing and the financial integration for the $1.7 billion acquisition of SBS Nordic and the acquisition of Eurosport, and led over $3 billion of USD and Euro debt issuances as well as the company’s successful tax and capital allocation strategy. He also built Discovery’s global finance team; led the upgrade of the company’s technology infrastructure; and oversaw financing for several global agreements focused on IP and content investment, most recently Discovery and Liberty Global’s joint-venture acquisition of All3Media, and Discovery’s deal to acquire the multiplatform rights to the Olympic Games in Europe beginning in 2018.
“I am enormously grateful to David and the company for the opportunities I have had since joining in 2012 and am proud of what we accomplished,” Warren said in a statement. “Discovery has a remarkable management team, unparalleled assets and the unquestionable ability to win through its unique global content position and strategy. I plan to remain a long-term shareholder. My decision to leave at the end of 2016 was a difficult and personal one, yet I look forward to my next career opportunity.”