The board of directors has made the title of president the top executive position of the company and does not plan to seek a CEO. Borshell will report directly to the board of directors.
Borshell, who joined Image in 1984, was appointed COO in July 2000. From 1995 to 2000 he served as senior vice president of sales, marketing and operations and prior to that held various management and non-management positions.
'The time is right for me to hang up my cleats,' said Greenwald, who stepped down today [April 1] as president and CEO and will remain chairman of the board. 'Having worked closely with David over the years, I can definitively say he is the one to move this company forward.'
During the past 10 years, Borshell helped transition Image through a new home entertainment format and established digital distribution subsidiary Egami Media, among other feats.