Mark Britt, the co-founder of Malaysia-based video streaming startup iflix, has stepped down from his role as the startup’s CEO after more than five years at its helm.
On his LinkedIn page, Britt said he will continue to be part of the startup as a full-time executive director, while Marc Barnett, managing director, will be assuming the CEO role.
“I shared an announcement internally with the company over the past few weeks that after 5.5 years of commuting between Asia and Sydney, it is time for me to step back from CEO and spend more time with my family,” Britt said.
In a note to staffers seen by ContentAsia, Britt said he will work on a “defined set of priorities”, focusing on advertising for all markets and supporting the Indonesia team.
He said he never wanted to leave the startup but can’t sustainably continue to be CEO and reconcile it with family obligations. Britt added that not spending enough time with his family “has been the toughest personal struggle of the iflix journey for me.”
Britt’s decision to step down as CEO comes after the startup, which caters to viewers in 12 Southeast Asian countries, had its after-tax losses jump 30 per cent to nearly $160 million in the calendar year 2018, according to accounts lodged with regulators in September seen by the Australian Financial Review.
In December 2018, the startup had pulled out of Africa after the sale of its regional business to telco Econet Global. It has been rumoured to be preparing for a listing either on the Australian Securities Exchange or the NYSE, which could value the company at more than $1 billion.
Founded in 2014 by Britt and Catcha Group CEO Patrick Grove, iflix claims to have 15 million subscribers across Malaysia, Indonesia, the Philippines, Thailand, Brunei, Sri Lanka, Pakistan, Myanmar, Vietnam, the Maldives, Kuwait, Bahrain, Saudi Arabia, Jordan, Iraq, Lebanon, Egypt, Sudan, Cambodia, Nigeria, Nepal, Bangladesh, and Morocco.