DreamWorks Animation CEO Roger Enrico resigns with immediate effect

DreamWorks Animation Chairman Roger Enrico – who has held the post since the company went public in 2004 - has resigned with immediate effect, with fellow board member Mellody Hobson drafted in to replace him, the company announced today.

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The former CEO of Pepsi joined DreamWorks Animation after 31 years at the food and beverage conglomerate. Given the company’s share price is up 24 percent this year, the news has come as a surprise to the industry, although the most recent quarterly earnings were a disappointment.

DreamWorks CEO Jeffrey Katzenberg said in a statement: ”Roger has been an invaluable leader to our Board of Directors and his guidance helped put DreamWorks Animation on a path to success from day one.

“On behalf of the Board of Directors and our entire management team, I’d like to deeply thank Roger for his unfailing service over the past eight years and wish him the very best in the future.”

DreamWorks co-founders Steven Spielberg, David Geffen and Katzenberg made the animation division of Dreamworks a stand-alone company of its right in 2004, drafting Enrico in at the time.

With hit franchises Shrek and Madagascar, it has – alongside Disney’s Pixar – become the major player in the market.

DreamWorks Animation recently signed a new distribution deal with Fox after several years aligned with Paramount.