Yahoo! Inc. Chief Marketing Officer Kathy Savitt is leaving the Web company to join movie-studio STX Entertainment, another employee exit amid a turnaround effort by Chief Executive Officer Marissa Mayer.
Savitt, who was also head of media at Yahoo, will report to STX Chief Executive Officer Robert Simonds, the studio said in a statement Friday. Savitt, who joined Yahoo in 2012, led important properties such as Yahoo Finance and Yahoo Sports, along with her marketing duties.
STX Entertainment, backed by TPG Capital, Hony Capital and other investors, makes mid-tier films.
Yahoo appreciates Savitt’s "contributions to Yahoo over the past three years: and wishes her well, the company said an e-mailed statement. Mayer, who joined the company more than three years ago, is struggling to turn around the Web portal amid rising competition. She also was dealt a setback earlier this month in her effort to spin off a multibillion-dollar stake in Alibaba Group Holding Ltd., after failing to get advance approval of a deal that was designed to avoid taxes.
The executive change follows other shake-ups. Earlier this year, Yahoo said it promoted Laurie Mann to chief information officer, replacing Mike Kail, who stepped down after less than a year on the job.
STX said Savitt will join in October.
“In a time of unprecedented change in the media industry, STX is redefining storytelling,” Savitt said in the statement. “Viewers are in control and each film or show has to earn its space in their time on its own merit.”