The founder of franchised DVD retail chain EzyDVD, Jim Zavos, has resigned as chief executive.
Zavos has also reportedly resigned as a director of ReelTime Media and ended the two companies’ joint venture – and ReelTime Media has reportedly appointed a voluntary administrator.
Zavos, who was not available for comment this morning, founded EzyDVD in 1998 from a website that cost him $3000 to build in 1998.
In less than 10 years he built the online business based in Adelaide into a national chain of 70 franchised EzyDVD retail stores turning over about $100 million a year.
In September last year, Zavos did a deal with struggling internet video provider ReelTime.
Under the deal with ReelTime, EzyDVD was to acquire six million ReelTime shares for cash and a further 142 million shares by assisting ReelTime to meet a number of key milestones over the next three years.
Jim Zavos, said at the time that the deal fitted with the franchised retail DVD chain’s longer-term strategy because it enables digital delivery of movies.
After the deal, Zavos joined the ReelTime board and took over the day-to-day management of the listed company.