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The chairman and CEO of Digital Domain Media Group, which made the famous Tupac hologram, resigned Friday.
John Textor will be succeeded by board of directors and interim chief operating officer Michael Katzenstein, notes The Wrap. Textor’s resignation comes as DDMG announced its closing of its Florida studio.
The company made headlines in early 2012 with its Tupac hologram used by Dr. Dre and Snoop Dogg at the Coachella Valley Arts and Music Festival.
Although the hologram was successful, the company itself has been in financial trouble since November.
DDMG reported a $75 million loss of income in 2011. Its stock price has dropped 87 percent in the last three months.
This led to the close of the Port St. Lucie studio and a reduction of its staff in that city from 272 to 20.
Textor wrote in his resignation letter that he disagreed with the company’s decision.
“As you are aware, I am in profound disagreement with the decision to close our animation and visual effects studio in the wonderful community of Port St. Lucie, Florida. The people of Florida welcomed us with open arms and we certainly owed them greater consideration,” the letter read.
DDMG's studios in California and Vancouver will continue to operate.