Kevin Hart Becomes CEO After Several Top Executives Leave His Company
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Kevin Hart has become the CEO of his entertainment company, Hartbeat Productions, after the company went through two other CEOs in just over a year. Bloomberg reported that this leadership change follows the resignations of the company’s CEO, CFO, and chief content officer.
This change in leadership happened right after Hartbeat laid off more than 20 employees before Thanksgiving. The layoffs were friendly but happened because of disagreements about the company’s future direction.
Jay Levine, who joined Hartbeat in early 2024 to improve the company’s deals and stabilize its finances, left in less than a year, along with two other top executives.
These changes come at a tough time for the entertainment industry, which is facing a recession. Independent production companies like Hartbeat are finding it hard to make enough money just from producing shows.
In 2022, Kevin Hart sold a 15% share of Hartbeat to a private equity firm, Abry Partners, after raising $100 million, which valued the company at $650 million.
Thai Randolph, who previously led Hart’s Laugh Out Loud platform, became CEO after the deal. However, when Hollywood hit a downturn, she left by the end of 2023, and Hartbeat also cut jobs in its advertising department.
Now, Kevin Hart needs to decide whether to merge Hartbeat with another company, cut back on its activities, or find a new way to grow.
Despite these challenges, Hart is doing well as a media entrepreneur. He runs multiple projects, including his internet comedy platform Laugh Out Loud, partnerships with big brands like Lyft and Procter & Gamble, and he produces content for YouTube and SiriusXM podcasts.
In 2022, after being named Celebrity Entrepreneur of the Year by The Hollywood Reporter, Hart reflected on his growth, saying, “I wasn’t the businessman that I am today. In the beginning, I knew nothing. I was a sponge, and I soaked up a bunch of information from being around people that were doing the things that I wanted to do.”