4Kids Entertainment has announced that Al Kahn has retired from his role as chairman and CEO, with immediate effect.
Kahn has spent almost 25 years with 4Kids. Director Michael Goldstein has been appointed interim chairman of the company, with a seach for a new CEO underway.
"I have reached the point in my career where I want to relinquish my responsibilities at 4Kids," Kahn confirmed. "The last several years have been particularly difficult and demanding with the business of 4Kids being buffeted by the financial crisis.
"After helping steer the company through challenging times, I have decided that it is the right moment for me to retire. I believe that going forward, Michael Goldstein and the team of experienced 4Kids executives will do an excellent job for our clients and for our shareholders."
Goldstein has been a director at 4Kids since March 2003 and has a raft of experience in the toy and licensing business, having also held roles at Toys R Us.
"4Kids is negotiating for merchandise licensing rights and television broadcast rights to a number of promising new properties which we hope will create future revenue streams for the company," he stated.
Yu Gi Oh is also due to have a strong 2011, with a 3D movie releasing in the US in February.
4Kids is also continuing to explore a variety of strategic alternatives, including a review of the capital structure of the business and a possible sale of all or a portion of the company's stock or business.
"I want to thank Al for his years of service. We wish him success in his future endeavors," Goldstein concluded.