NEW YORK (CNNfn) - Good-bye Rudolph. Hello Spiderman.
Marvel Enterprises Inc. announced Tuesday that Eric Ellenbogen, president of Golden Books Family Entertainment, will become Marvel's next president and chief executive officer.
Ellenbogen is leaving behind Golden Books, where he has served as president since 1996, when the children's publisher acquired Broadway Video Entertainment for $91 million. Ellenbogen had previously served as head of Broadway Video for 9 years.
Ellenbogen helped transform Broadway Video into a leading television and distribution company as he reigned over its entertainment, licensing and marketing activities. He also directed the company's acquisition of several film and television libraries, helping build a collection of 3,000 titles, including popular classics "Rudolph the Red-Nosed Reindeer" and "Lassie."
Ellenbogen called his appointment at Marvel "the opportunity of a lifetime."
"This is a new beginning for Marvel and I am thrilled to be on this superhero team," he said.
Marvel Enterprises was formed last month from Marvel Entertainment Group Inc., after emerging from bankruptcy, and Toy Biz, Inc., a leading U.S. toy manufacturer. The reorganized company includes all the assets of the former Marvel, including famous comic superheroes, such as Spiderman, X-Men and Men in Black.
As for Golden Books, the company said it will not replace Ellenbogen as it reorganizes its senior management team over the next few weeks.
"Achieving success in 1999 will require a company structure with fewer layers, less complexity and reduced overheads," Richard Snyder, Golden's chairman and chief executive, said. "It will also require a top-level management team that provides focus on the core children's book business."
Golden is a leading publisher of children's books in North America.
Shares of Marvel (MVL) gained 1/16 to 5-15/16 Tuesday morning, while Golden stock (GBFE) shed 1/32 to 15/32