Kerry McCluggage has stepped down as CEO of IDW Media Holdings, Inc. (the parent company of IDW Publishing) just seven months after taking up the position. IDW Board Chairman (and the company's biggest stockholder) Howard Jonas has stepped in to assume the role of CEO.
"We are grateful to Kerry for leading and growing our team during a challenging period," said Jonas. "We wish him well in his new endeavors, and thank him for the dedication and hard work that he put into the company."
While Jonas didn't specify what about the recent period was "challenging," IDW recently informed stockholders that Jonas loaned the company $28 million for "necessary operating costs" for its tv & film division, IDW Entertainment. In March 2018, Editor-in-Chief Chris Ryall left the company, followed by Group Editor Sarah Gaydos in April. The company's President/Publisher Greg Goldstein exited the company in December, with Ryall returning to replace him.
McCluggage became associated with IDW in late 2017 when he joined the company's board, and then in July 2018 took over the CEO role after company co-founder Ted Adams took a sabbatical. McCluggage is a longtime television executive who helped launch the UPN Network.
"As both a board member and CEO I have enjoyed helping the company with its current slate of new programming and working with the extremely talented group assembled to execute on these new series," McCluggage said. "I wish the entire IDWM team the best of luck going forward."