NEW YORK (TheStreet) --Shares of DreamWorks Animation SKG. Inc. (DWA) are higher by 9.80% to $22.63 in early afternoon trading on Monday, following the company's announcement that it appointed a new chief financial officer.
Fazal Merchant will officially take over as CFO in September, as current CFO Lew Coleman moves on to the role of vice chairman.
Merchant has worked as CFO of DirectTV Latin America (DTV) and was the managing director at the Royal Bank of Scotland (RBS) , and directed the investment banking division at Barclays Capital (BCS) .
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Merchant is joining DreamWorks as they work to restructure their image and move beyond animated films, and into TV, online video and consumer products.
Recently the company has been dealing with some financial struggles resulting from a $13.5 million write down the company took on the animated film "Turbo," which led to an SEC investigation, Variety reports.
"He brings with him not only passion for our business, but also experience drawn from senior leadership roles across multiple industries, which will be an incredible asset as we continue to grow and diversify," Coleman said.
Separately, TheStreet Ratings team rates DREAMWORKS ANIMATION INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: