Universal Pictures has finally announced the management changes that have been rumored at the studio for months. Longtime studio marketer Adam Fogelson has been named to the chairman role. While president of production Donna Langley will rise to co-chairman and Rick Finkelstein, already vice chairman and chief operating officer will work closely with the two as a key strategic adviser. The changes come after Universal suffered through a challenging summer at the box office with films like Funny People and Bruno under-performing. The previous co-chairman Marc Shmuger and David Linde have been replaced immediately. Ron Meyer remains as president and COO, Universal Pictures Group. All the change comes as other rumors float around town that GE, Universal’s parent company will sell off the movie studio, along with NBC, to Comcast or another suitor. Those rumors have yet to be confirmed. Universal hopes to redeem itself with its fall slate including the Vince Vaughn, Jon Favreau-starrer Couples Retreat and the new Nancy Meyers film starring Alec Baldwin and Meryl Streep It’s Complicated.