IDW Publishing, one of the largest direct market comic book companies in the United States, is undergoing some major cost-cutting, eliminating over a third of its workforce, while also de-listing its publicly traded stock from the stock exchange.The company is also making changes at the leadership roles of the company, with its current CEO, Allan Grafman, being replaced by David Jonas (son of the IDW's principal owner, Howard Jonas). The company's CFO, Brooke Feinstein, is out, while Amber Huerta is IDW's new COO. The company's Publisher, Nachie Marsham, is also out, while IDW publishing editorial has been cut in half and the marketing and PR department is essentially gone.RELATED: A Legendary Ship Gets an All-Star Crew in Christopher Cantwell’s Star Trek: Defiant

IDW Entertainment has taken a major hit with the loss of Locke and Key

As part of the company's statement, David Breau, Lead Independent Director on IDW's Board, explained why the company was de-listing its stock, "The Board determined that going dark is the best path for the Company due to expected cost savings, reduction of pressure on limited resources and the Company's current inability to realize many of the benefits from continued listing and Exchange Act registration and reporting. Low trading values and volume has limited our Class B common stock's liquidity and made it untenable to effectively use our securities as transaction consideration, attract interest from institutional investors or market analysts or provide meaningful incentive to our employees. At the same time, we continued to bear the direct and indirect expenses associated with the NYSE American listing and SEC reporting. We believe the reduction in time spent by our management and employees complying with the requirements applicable to SEC reporting companies will enable them to focus more on managing the Company's businesses, strengthening our strategic relationships, exploiting our assets and thus increasing stockholder value, with a focus on long-term growth without an undue distraction by short-term financial results and stock price movement,"

IDW Publishing's comic book revenues took a loss in the first quarter of 2023, after turning a profit in the final quarter of 2022 (its book store sales have increased while its direct market sales have taken a big hit). The biggest change at the company, though, was that Locke and Key went off the air at Netflix. As a result, IDW Entertainment went from bringing in over $4 million from comic book adaptations in 2022 to essentially nothing at the moment. IDW Entertainment continues to try to adapt more of its comic book properties into television and film projects, but is clearly struggling with that approach at the moment.

RELATED: Forget Transformers - IDW Is the Perfect Home for New Gobots Comics

IDW star writer, Tom Waltz, reveals his future with the company

One of the editors let go was Group Editor Tom Waltz, who has been with IDW since 2006. Waltz is also one of IDW's top writers, with his hit miniseries, Teenage Mutant Ninjat Turtles: The Last Ronin, being a major bright spot for the company last year. So he explained that while he is no longer an editor at IDW, he is still continuing to work for IDW. He released a statement on social media explaining his unique situation:

My final day as an official IDW employee (currently my position is Group Editor/Creative Development) will be May 12th. However, my situation is unique in that I've spent nearly the last year and a half functioning more as talent for the company than as an editor. Which means, my separation will only affect my official editorial status. I will continue working freelance with IDW as a writer/consultant on all things #TMNT (including #TheLastRonin / #Roninverse), as well as writing for other licensed and creator-owned projects for the company. This is a multi-year contractual agreement that was reached both amicably and in absolute good faith (the great folks at IDW were very generous in their efforts to keep me in the fold). In other words, I will continue all my current creative functions at IDW (and then some). It is only the Group Editor aspect that will be removed. And trust me, we've got so many cool things in the works and planned, especially on the TMNT front. Look for huge news soon.

Waltz also noted that now that he is no longer a part of IDW editorial, he is non-exclusive, so we can possibly see some comic book work by Waltz at DC or Marvel in the upcoming months.

The new CEO, Davidi Jonas, released a statement with the news of the cost-cutting, noting, "Since re-joining the Company as Executive Chairman, I have taken a deep dive into the Company and have strong views on what is needed to put the Company's best foot forward on the path of success. The painful cuts we are making are unfortunately absolutely necessary. We need to ensure that the Company can survive and then grow. I want to thank Allan, Brooke, and the great employees and other contributors to IDW's past successes.Today we hit reset. Today I take on the responsibility to those for whom I work and those whom I work with, the stockholders and my colleagues at IDW. I will work tirelessly to unlock value. IDW is a great company with a storied history. IDW has a great team of people who are ready to give their all and again I am humbled to be at their head."

IDW Announces New Restructuring

On May 3, 2023, IDW Publishing issued a statement regarding the company's restructuring. The publisher appointed Davidi Jonas as CEO and Joshua Frankel as CDO. IDW also promoted Mark Doyle and Tara McCrillis to co-publishers, Amber Huerta to COO and Jamie S. Rich to Editor-in-Chief.

The company tweeted on May 3, 2023, "At IDW, our love for storytelling and for our fans is the motivation for everything we do. We have never been more dedicated and excited to share our entertaining, engaging and inspiring stories than we are right now. Under our new, engaged and stable leadership, we are 1000% committed to manifesting a fun and collaborative environment that sparks creativity and innovation. We are committed to our relationships with the best talent in the industry -- from established veterans to the next generation of creators. Our focus will continue to be on delivering top quality, authentic content that resonates with our fans and inspires the next generation of readers.

"With an incredibly diverse catalog of titles that spans beloved franchises and original content, we know that we can delight and excite the imagination of our diverse audience. We believe that great stories have the power to entertain, inspire and connect people from all walks of life. Sharing stories is the hallmark of human striving for a better world -- kinder, eclectic, accepting and socially engaged. At IDW, we are honored to have the opportunity to share those stories with you. We are committed to delivering the best possible comics and graphic novels for years to come, and we can't wait to see what the future holds."

Source: IDW Media Holdings, additional reporting from ComicsBeat