Gagnon drops Anchor for Image

Troubled California-based producer-distributor Image Entertainment has grown its recently installed executive team by hiring a former Anchor Bay Entertainment executive as its new exec VP of worldwide sales.

Home entertainment veteran Ray Gagnon has joined Image to head its international sales efforts after leaving a similar position at Anchor Bay. He will report directly to newly appointed chairman and CEO Ted Green.

Last month, Nasdaq delisted Image after it ruled the company had not acquired shareholder approval when it sold US$22m worth of preferred shares to San Francisco-based private equity firm JH Partners. It also cited the way Image had issued 3.5 million shares to the holder of a senior secured convertible note and that it had no independent members on its board.

Image’s investors then moved to take over the company and appointed a new executive team, which included Green and John Avagliano as chief operating office and chief financial officer.

However, Image did not delist its stock from the Securities and Exchange Commission (SEC) and has listed on electronic quotations service the Pink Sheets.

Home entertainment veteran Gagnon’s resumé includes helping Anchor Bay make the transition from an independent distributor to a fully fledged studio. He also had stints as senior VP of worldwide sales at feature film animator DreamWorks; as senior VP of sales, North America, at 20th Century Fox Home Entertainment; and at Disney, where he began his career.

Green said: “I have had the opportunity to work with Ray in the past and am extremely pleased that he is joining our team at Image. He has an exceptional understanding of the ever-changing home entertainment marketplace and strong personal contacts that can only come from years in the industry.”

Gagnon added: “There are tremendous challenges that exist at retail today but there are tremendous opportunities as well. I look forward to working with the entire Image Entertainment team to meet those challenges and take advantage of the opportunities.”