The Carolina Theatre of Durham announced today that President and CEO Bob Nocek is stepping down immediately.

His departure comes after the discovery last December that the city-owned theater, thought to be profitable, had run up $800,000 in debt since July 2013, creating a total deficit of more than $1 million.

Nocek, who took the reins of the historic theater in 2010, will be succeeded by Durham businessman Dan Berman as interim president and CEO. Working as a volunteer, Berman takes control of the Carolina’s finances, operations and programming on Monday, Jan. 25.

Watch this space for more on this story as it develops.