Marvel CEO Steps Down
Marvel Comics has announced that current
president and CEO Peter Cuneo will retire at the end of the year. His
replacement, Allen Lipson, Marvel's Executive Vice President Business &
Legal Affairs will take over the position effective January 1,
2003.
For the remainder of his term, Cuneo will work with Lipson to arrange the most orderly and effective transition. Following his leaving the CEO position, Cuneo will continue to serve on Marvel's Board, and will also operate in an advisory capacity with the company.
Since November 1999, Lispon has played an integral role in structuring and negotiating Marvel's strategic entertainment and licensing relationships. In his role as EVP Business Affairs, he has substantially influenced Marvel's business and financial strategic decisions. Most interestingly, Lipson has been involved in structuring and negotiating all movie and television agreements for Marvel and every other major transaction since he joined the company.
In a release from Marvel, Cuneo commented on his decision to step down: "For the past twenty years I have enjoyed the challenge of leading organizations that were in need of fundamental change and ultimately placing them on stable ground. With support from a group of superb senior managers and from every employee, this stability has been achieved at Marvel.... The best days for Marvel are still to come and I look forward to continuing to help the Company progress into the future."
Lipson further stated that "Marvel's true value is just now beginning to be appreciated, and we are eager to accelerate the process to generate improving financial performance. I am excited and looking forward to the opportunity to help guide Marvel as we enter our `Golden Age.'"
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For the remainder of his term, Cuneo will work with Lipson to arrange the most orderly and effective transition. Following his leaving the CEO position, Cuneo will continue to serve on Marvel's Board, and will also operate in an advisory capacity with the company.
Since November 1999, Lispon has played an integral role in structuring and negotiating Marvel's strategic entertainment and licensing relationships. In his role as EVP Business Affairs, he has substantially influenced Marvel's business and financial strategic decisions. Most interestingly, Lipson has been involved in structuring and negotiating all movie and television agreements for Marvel and every other major transaction since he joined the company.
In a release from Marvel, Cuneo commented on his decision to step down: "For the past twenty years I have enjoyed the challenge of leading organizations that were in need of fundamental change and ultimately placing them on stable ground. With support from a group of superb senior managers and from every employee, this stability has been achieved at Marvel.... The best days for Marvel are still to come and I look forward to continuing to help the Company progress into the future."
Lipson further stated that "Marvel's true value is just now beginning to be appreciated, and we are eager to accelerate the process to generate improving financial performance. I am excited and looking forward to the opportunity to help guide Marvel as we enter our `Golden Age.'"
