Chernin Group, AT&T’s Otter Media Parts Ways With CEO

Otter Media has parted ways with a top executive. Virasb Vahidi, the CEO of the online video company owned by the Chernin Group and AT&T, has resigned after barely a year on the job.

Vahidi joined Otter in September 2014, after previous executive positions at American Airlines and AT&T. The now former CEO told company employees in a memo that since his hire, “it has become clear to [Chernin Group CEO Peter Chernin] and me that the role of the CEO is different than we had originally envisioned.” An Otter Media rep confirmed to Re/code, who originally broke the news, Vahidi has exited the company, and there are no immediate plans to replace him.

Otter Media launched in April 2014, with AT&T and Chernin investing $500 million total into the venture. Otter currently owns a majority share in YouTube multi-channel network Fullscreen, which has recently launched its own feature-length film division. Otter also owns a video-on-demand subscription service run by ex-YouTube executive Tom Pickett, who oversees other Otter properties such as Japanese anime video platform Crunchyroll and crafts site Creativebug.

Vahidi’s departure follows on the heels of some big news from AT&T competitor Verizon, who just acquired AOL and all its online video properties. Hopefully, Vahidi’s departure doesn’t negatively affect Chernin and AT&T’s Otter Media, so the venture can continue to hold its place in the online video industry.