Fazal Merchant will replace Lew Coleman as DreamWorks Animation’s new Chief Financial Officer.
DreamWorks has been struggling financially, taking write downs on Rise of the Guardians and Turbo. The $13.5 million write down on Turbo even prompted an investigation with the US Securities and Exchange Commission. So it looks like Merchant will be busy for a while.
Merchant comes to DreamWorks as the company is attempting to diversify their background beyond movies. The company will be growing in television, consumer products, and online video.
Merchant has previously worked in the fields of satellite television and banking, and is coming from his job at DirectTV as SVP and CFO of DirectTV Latin America. He has also worked at the Royal Bank of Scotland, the Investment Banking Division of Barclays Capital, and at Ford Motor Company.
Hopefully his diverse background and years of experience will help to solve DreamWorks’ financial woes.