Deluxe Entertainment, one of Hollywood's leading post-production and digital asset management companies, has named David Kassler its new chief executive.
The company, which is controlled by billionaire Ron Perelman, said it has tapped Kassler to head Deluxe, which is based in Los Angeles and New York.
Kassler, who starts his new job next week, was previously chief executive of the British technology store Phones 4u and a former chief executive of EMI Music.
He replaces Cyril Drabinsky, who has been chief executive of Deluxe since 2006. Drabinsky has been named vice chairman, said spokeswoman Chris Taylor.
"I look forward to building on the incredible legacy created by Cyril and his team and working with the enormously talented people at Deluxe," Kassler said. "I had many happy years in the music business and it's great to being back serving the entertainment industry, where creativity and commerce go hand in hand."
The move comes as the century-old company has struggled as Hollywood has rapidly transitioned from film to digital technology. The company, which provides color corrections, 3-D conversion, digital intermediaries and other services, also has been squeezed as studios cut back the number of movies they release. Deluxe has worked on such films as "Transformers: Age of Extinction," "Foxcatcher" and "The Maze Runner."
This summer, Standard & Poor's lowered Deluxe's credit ratings amid concerns the company would default on its loans. In a report, S&P said Deluxe's revenue dropped 8% in the first half of the year and earnings before interest, taxes, depreciation and amortization declined 32 %.
In September, Deluxe Entertainment said it had received a $100-million capital commitment from Perelman's holding company MacAndrews & Forbes to help its transition to a fully digital entertainment services business.
Kassler's appointment was first reported by Deadline.