Harvey Weinstein Officially Resigns from The Weinstein Company Board

Harvey Weinstein has resigned from the board of The Weinstein Company following the numerous sexual harassment and abuse allegations made against him. Weinstein had previously been fired from his position as co-chairman of the company on October 8, but he had remained a board member until announcing his resignation Tuesday. Weinstein continues to own 22% of the company’s stock, according to Variety.

The company’s remaining board members include Harvey’s brother, Bob Weinstein, and there is apparently tension among the executives over whether or not the company should be sold in order to save it. Multiple reports have cited Colony Capital as the likeliest buyer, though Bob said in his official statement last that the company was not for sale.

The future of The Weinstein Company has been thrown into jeopardy ever since the first sexual harassment report was published by The New York Times on October 5. Since then, over 40 women have come forward to accuse Weinstein of sexual harassment, including actresses Rose McGowan, Ashley Judd, Gwyneth Paltrow, and Lea Seydoux, among many others.

TWC has removed TIFF premiere “The Current War” off the schedule from November but still plans on releasing “Paddington 2” next year. Television projects such as the David O. Russell amazon series, starring Robert De Niro and Julianne Moore, have been dropped. Amazon also dropped TWC from the Matthew Weiner drama “The Romanoffs.”

Weinstein’s resignation form the board of The Weinstein Company follows his expulsion from both The Academy and the Producers Guild of America.