Cineplex names ex

Cineplex Inc. has named Bill Walker, former Landmark Cinemas Canada lead, as its new chief executive, taking over the role from Ellis Jacob, as the company considers a potential sale.

The entertainment and media company announced Walker’s appointment, which comes to effect on Wednesday, following a succession process initiated since Jacob’s planned retirement announced last year.

Concurrent Walker’s appointment, the company plans to conduct a comprehensive review of strategic alternatives in an effort to maximize shareholder value.

Cineplex said a range of alternatives will be considered, including, but not limited to, a potential sale of the company. Goldman Sachs and TD Securities will act as co-financial advisors.

Jacob will serve as special advisor to the board until the end of the year to support the leadership transition and also assist with Cineplex’s strategic review process. He served as president and chief executive of Cineplex and its predecessor organizations for more than three decades, playing central role in building Cineplex into Canada’s leading entertainment and media company.

“Cineplex has a strong market position… However, we believe the company’s current market valuation may not fully reflect the strength of its business and long-term prospects,” said Yaffe.

The company said no decisions have been made regarding any particular strategic alternative, and no timetable has been established for completion of the strategic review. It also said there’s no assurance it will result in any transaction or agreement.

Walker previously served as CEO of Landmark Cinemas, Canada’s second-largest theatre exhibitor. It operates as part of Belgium-based cinema company Kinepolis Group NV.

During his nine-year tenure at Landmark, Walker played a key leadership role in the brand’s sale to Kinepolis in 2017 and subsequently continued to lead the Canadian business under Kinepolis’ public company ownership.

“Given his deep understanding of the theatrical exhibition industry and proven leadership experience, the board is confident that Bill is exceptionally well positioned to lead Cineplex,” Cineplex board chair Phyllis Yaffe said in a press release.

The company said Walker’s selection follows a succession process that included both an extensive global search and consideration of internal candidates.

Cineplex said Walker is widely known throughout the Canadian exhibition industry and has developed long-standing relationships with exhibitors, distributors and business partners across North America.

Before accepting the role, Walker served as CEO of Coast Appliances in Calgary until April.

“I am honoured to join Cineplex at this important time in the Company’s history,” said Walker. “Having spent much of my career in the exhibition industry, I have great respect for what the Cineplex team has built.”

Cineplex currently has a circuit of 168 movie theatres and location-based entertainment venues, employing over 10,000 people across Canada.

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