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Universal exec resigns
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November 30, 1998: 2:52 p.m. ET
Chairman Casey Silver quits in wake of Babe sequel disappointment
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NEW YORK (CNNfn) - Universal Studios Monday said Casey Silver has resigned his position as Universal Pictures chairman and chief executive, continuing a corporate shake-up as the studio struggles to put out a blockbuster hit.
Silver's resignation comes in the wake of the failure of Babe: Pig in the City to score big at the box office. Universal, which has not had a major hit since 1997's The Lost World: Jurassic Park, bet big on the $90-million Babe sequel. That film ranked as the No. 5 movie in its opening weekend and has garnered only $8.5 million at the box office since its Nov. 25 release.
Walt Disney Co.'s (DIS) A Bug's Life pulled in $46.5 million as the No. 1 holiday weekend film.
Silver's resignation comes just two weeks after Frank Biondi, Universal Studios chairman and CEO, resigned under pressure from Edgar Bronfman Jr., president and CEO of Universal's parent company, Seagram Co.
Universal Studios President and Chief Operating Officer Ron Meyer will assume Silver's duties. The company said it has no plans to replace Silver's position.
"Both Casey and I felt this was the appropriate time to make a change," Meyer said. "We will continue our relationship in an independent production capacity."
"I've spent almost 12 years at Universal Pictures, and it has been a rewarding experience enabling me to work with world-class talent in the movie-making process," Silver said.
"As chairman and CEO for the past three years, I am very proud of the films released during that time and I'm especially pleased with the films scheduled for the next 24 months. I look forward to working with the company in an independent capacity."
Universal also said Stacey Snider has been promoted to president of production, and Kevin Misher has been named co-president of production.
Seagram (VO) shares fell 15/16 to 34-5/16 in midday trading. 
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