Weinstein Co. Board Fires COO David Glasser for Cause
The board of the Weinstein Company voted on Friday to fire David Glasser, the company’s chief operating officer.
Glasser was set to become CEO of the company under a new ownership group. However, New York Attorney General Eric Schneiderman filed a suit on Sunday alleging that Glasser had failed to protect employees from Harvey Weinstein’s pattern of sexual harassment. In a press conference, Schneiderman made it clear that the sale would not have his blessing if Glasser were left in charge.
“The Board of The Weinstein Company has unanimously voted to terminate David Glasser for cause,” the company said in a statement on Friday evening.
The company did not give any further explanation.
The company is running low on cash, and is thought to be desperate to keep the sale alive. Investor Ron Burkle is part of the bid group, which is formally led by Maria Contreras-Sweet, the former head of the Small Business Administration.
With the attorney general’s intervention earlier in the week, the deal is on life support. Without it, the company likely would have to declare bankruptcy.
Getting rid of Glasser could help resolve some of the attorney general’s concerns. However, Schneiderman has also raised a doubt as to whether the company will have sufficient funds to pay off victims of Weinstein’s harassment.
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