DreamWorks chairman resigns, replaced by director

DreamWorks Animation during a ground breaking opening of DreamWorks studios in Redwood City, Calif., Thursday, July 19, 2012. (AP Photo/Paul Sakuma)

October 25, 2012 8:04:10 PM PDT
DreamWorks Animation SKG says Chairman Roger Enrico has resigned, effective immediately.

The movie studio is replacing Enrico, a former CEO of PepsiCo Inc. who had served as chairman since DreamWorks went public in 2004, with board member Mellody Hobson.

Dreamworks did not give a reason for Enrico's resignation in its release Thursday.

The company makes a few big-budget animated movies every year, including "Kung Fu Panda" and "Madagascar," along with some TV specials. It signed a five-year distribution deal with News Corp.'s 20th Century Fox in August.

Shares of DreamWorks Animation SKG Inc. are up 8 cents to $20.59 in afternoon trading.