Alan Ladd Jr. Reportedly Quits Board at MGM-Pathe

Alan Ladd Jr. quietly resigned from the board of financially troubled MGM-Pathe Communications Co. more than a month ago, according to people close to the company.

Ladd, 53, remains co-chairman of the studio and head of its filmmaking operation. He had been a director of MGM-Pathe and of its predecessor, Pathe Communications Co., since 1989.

Ladd and an MGM-Pathe spokesman declined to comment on the resignation.

But people close to the company said Ladd quit the board Feb. 26, citing personal reasons. The executive, according to a number of associates, has been deeply frustrated by an ongoing financial crisis that has blocked the studio’s ability to release 13 substantially completed films.

MGM-Pathe was due to file a 10K annual report describing its management and financial status with the Securities and Exchange Commission on Sunday, but it will now file later under an extension granted by the commission.

Companies are required to file immediate disclosure of a director’s resignation only if the board member quits in a dispute over a company’s policies and practices, an SEC official said.