Jason Kilar, Hulu’s CEO, is stepping down from his position … and with a pretty good payout at that.
According to ADWeek, Kilar’s exit package has been estimated at $100 million.
Recently, a memo sent by Kilar in July outlining “a transition plan for [a] new CEO” was leaked.
The memo read:
“I’ve decided to depart Hulu in Q1. I am currently working with the board to ensure there is ample runway to manage this transition.”
In the memo, Kilar goes on to say that the “decision to depart has been one of the toughest I’ve ever made.” However, he did not go into much detail within the memo.
There are plenty of reasons for a talented CEO to leave a company that owes a lot of its success to three of its biggest content providers (Disney, News Corp. and NBCUniversal, all of which own major stakes).
Kilar was given a golden opportunity to walk away with a major payout when Providence Equity Partners cashed out its stake in the company last year. This could have been one of the major reasons in why he has decided to step down.
According to CNNMoney, Kilar has not yet announced his successor to fill the position of CEO.
Hulu pulled in $695 million in revenue for 2012, and it now has 3 million paid subscribers to its premium Hulu Plus streaming service. It is also the only service with a connected TV app component that streams day-of and day-after content from multiple broadcast networks.
The ability to stream the same-day and day-after content is one of the biggest things that Hulu has going for them. Since the digital changeover, Hulu’s service has done a reasonable job of providing for the customers that have not been able to receive broadcast television over the air.