Warner Bros. has promoted its chief financial officer Ed Romano to the position vice chairman, with Kim Williams taking over as CFO.

Romano served as chief financial officer at the US entertainment company for over two decades. His replacement will begin her new position on 15 January.

Warner Bros. chief executive Kevin Tsukihara said: “As our industry’s financial sector becomes much more complex and nuanced, it’s crucial to have strategic, intelligent and thoughtful financial leaders.

“Kim is a proven finance pro with an impressive track record and a background that fits perfectly with our needs. Ed left big shoes to fill, but I believe Kim is more than up to the task,” he added.

Williams joins the company from CORE Media Group, where she served as chief financial officer. She also held the same position at the NFL.

“Kim is an experienced, solutions-oriented finance executive with deep experience in media—she’ll be a great addition to Warner Bros.’ senior executive team,” said Howard Averill, executive vice president and chief financial officer of Time Warner, Warner Bros.’ parent company. “She’s smart and collaborative, and I look forward to working with her in her new role.”

In addition to announcing Williams’ new role, Warner Bros. also announced that they will be promoting Reg Harpur to executive vice president, operations and planning. In a public statement, the company explained strategic plans for “international expansion, digital transition and resource reallocation from mature businesses to high opportunity, content-creating divisions”.

The changes in leadership come less than a month after the studio announced that it plans to cut over 1,000 jobs and streamline costs. Inside sources have also indicated that Tsujihara has set “ambitious” goals both operationally and financially going forward.

It is likely that Williams will be charged with strategically re-evaluating systems, streamline processes, and ultimately cut costs and improve efficiency.