- Push-out Score determined
- After about six and a half years in the position
- Praise and thanks for Zoradi
- Sean Gamble taking over
- Zoradi spoke at length and said 159 words
(exechange) — Plano, Texas, July 28, 2021 — Mark Zoradi, chief executive of Cinemark, leaves. As announced by Cinemark Holdings Inc. in a news release and in a regulatory filing published on Wednesday, July 28, 2021, Mark Zoradi leaves his post as chief executive officer at the movie theatre company after about six and a half years in the role, effective December 31, 2021.
Mark Zoradi’s duties as CEO will be taken over by Sean Gamble, currently Chief Financial Officer and Chief Operating Officer at Cinemark Holdings Inc.
It is a generational change as well. Sean Gamble is about 21 years younger than Mark Zoradi.
The search for Gamble’s successor as CFO is currently underway.
Mark Zoradi’s move forms part of a management shake-up also involving the positions of Chief Marketing and Content Officer; EVP Theatre & Technology Operations; and EVP Human Resources, Diversity, Equity & Inclusion and Corporate Social Responsibility.
“I felt it was time”
The management change is explained as follows. Zoradi said: “As the industry is now on the path to recovery from the pandemic, I felt it was time to begin transitioning the CEO role to Sean’s capable hands.”
Precise information regarding Mark Zoradi’s future plans was not immediately available.
“Retire”
Cinemark said: “Mark Zoradi, CEO and Board Director, will retire as Cinemark’s CEO at the end of 2021.”
Cinemark further said: “Mark Zoradi, Chief Executive Officer and member of the Board of Directors, will retire from his position as Chief Executive Officer effective as of December 31, 2021.”
Share price increase since July 2020
The announcement follows an increase in Cinemark Holdings Inc.’s share price of 25% since July 2020.
Chaired by Lee Roy Mitchell
Lee Roy Mitchell serves as Cinemark Holdings Inc.’s Chairman.
Mitchell is the Founder of the Company. He has served as Chairman of the Board (“Chairman”) since March 1996 and as a Director since the Company’s inception in 1987.
In the position of CEO since 2015
Mark Zoradi became CEO of the Company in 2015.
Zoradi will remain a member of the Board of Directors until the 2024 annual meeting when his continuing term will be subject to board nomination and shareholder election.
Zoradi will work closely with Gamble and the executive leadership team over the course of the next five months to ensure a smooth transition.
Since August 2015, Zoradi has served as the Company’s CEO.
Zoradi spent 30 years at The Walt Disney Company, a major motion picture studio, including serving as the President of Walt Disney Studios Motion Picture Group.
Prior to that, Zoradi served in a variety of positions of increasing responsibility with The Walt Disney company, including as the General Manager of Buena Vista Television and President of Buena Vista International with responsibility for the international theatrical and home entertainment marketing and distribution of Disney, Touchstone and Pixar films.
Zoradi also served as the President and Chief Operating Officer (COO) of Dick Cook Studios from January 2011 until July 2014 and the COO of Dreamworks Animation SKG, Inc. from August 2014 until January 2015.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Mark Zoradi’s move on a scale of 0 to 10.
exechange reached out to Cinemark and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2021 ($).