Quickflix announces restructure – closing Sydney office and management pay reduction

Quickflix chief Stephen Langsford will slash his annual salary by $80,000 amid changes at Quickflix.

Beleaguered subscription video on demand streaming service Quickflix has today announced more information on its company restructure with moves that include shutting down its Sydney CBD and Auckland offices.

In a statement to the ASX today, it was announced that in addition to $4 million already being saved per year across operating and investment areas, Quickflix will focus on:

  • Consolidating its Sydney operations at its distribution centre in Western Sydney.
  • Reduction in the net cost of the Perth office.
  • Bring in-house customer care and support.
  • Reduce delivery network charges.
  • Reduce its headcount, losing 15% of its existing staff.

These savings will save Quickflix $1 million each year, with Quickflix reporting that it will not impact on core day-to-day service levels.

The directors of the company have agreed to a restructure of their renumeration, including a reduction in salary. CEO and chairman of the company Stephen Langsford’s salary will reduce to $200,000 per annum from $280,000. CFO Simon Hodge will see his annual sarary of $250,000 reduced to $170,000 per annum. These reductions are in effect from 1 April 2016.

The company has reported that it recorded a “substantial” profit for the half year to 31 December 2015.

A Canstar Blue survey in late March reported that Quickflix customer satisfaction was on par with Presto and Foxtel.

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