Doug Murphy (pictured) has stepped down as president and CEO of Corus Entertainment, announcing his early retirement from the Toronto-based company this morning.

Murphy originally joined its Nelvana subsidiary in 2003 as EVP of business development. He spent the next 12 years moving up and branching out in the company, serving as president of Corus Kids Television for a time (2008 to 2010) before eventually taking on the top leadership post in 2015. During his long tenure, Murphy has overseen a lot of brand diversification in the Corus portfolio, as well as its expansion into digital media with the launch of platforms such as STACKTV and Pluto TV. 

Corus’s board has appointed senior executives Troy Reeb and John Gossling to succeed Murphy as co-CEOs. Serving as EVP of networks and content since last fall,  Reeb has been with the company for 25 years. Gossling joined in 2016 as CFO—a role he will continue in while he takes on additional responsibility for corporate strategy, technology and other high-level executive functions.

Corus staged a previous executive shuffle this past January as part of an ongoing campaign to find its footing in an increasingly competitive landscape. One recent example was last week’s news that WBD won’t be renewing its license with Corus for lifestyle brands such as HGTV and Food Network, forging a new multi-year deal with Rogers Communications instead. In response, Corus shares—which have dropped in value by nearly 75% over the last 12 months, according to Yahoo Finance—hit a one-year low last week and were trading at just CAD$0.18 this morning after Murphy’s retirement was announced.

“The board and I are extremely confident in [Reeb and Gossling’s] ability to guide Corus through the evolving regulatory and competitive landscape, and make smart, strategic choices that best position the company for the future,” says Corus’s executive chair Heather Shaw. 

EVP and general counsel Jennifer Lee has also been promoted to chief administrative officer and chief legal officer.