Adam Aron retains his position as CEO, along
with newly being named Chairman of the Board of the AMC
Entertainment Board of Directors
Ambassador Philip Lader becomes Lead Director
of the AMC Entertainment Board of Directors
As previously announced, current non-executive
Chairman of the Board, Lin Zhang, and Mao Jun (John) Zeng, both of
Wanda, officially step down from AMC’s Board of Directors following
Wanda’s sale of most of its AMC shares
AMC Entertainment Holdings, Inc. (NYSE:AMC), the largest
theatrical exhibitor in the United States, in Europe & the
Middle East and in the world, announced that it has named Adam
Aron, CEO and President of AMC since 2016, as its Chairman of the
Board. As Aron will serve both as Chairman and CEO of AMC, the
Board has selected Ambassador Philip Lader to serve as its Lead
Director.
Aron has served AMC as CEO and President and as a member of the
Board of Directors since January of 2016. In this role and as the
face of AMC, Aron has overseen the Company’s transformative growth
into becoming the largest theatrical exhibitor in the United
States, in Europe & the Middle East and in the world. His most
recent focus has been on guiding AMC through the complexities of
coronavirus pandemic. Aron has significant business and executive
experience, having led as CEO five different companies in five
different industries for more than 20 years. He has served
continuously since 1988 on numerous corporate Boards.
Aron received a bachelor of arts degree cum laude from Harvard
College, and a master’s of business administration degree with
distinction from the Harvard Business School.
Ambassador Philip Lader, now Lead Director of AMC, joined its
Board as an independent director in July of 2019. Ambassador Lader
is a Senior Advisor to Morgan Stanley Institutional Securities. He
was the U.S. Ambassador to the Court of St. James’s, and served in
President Clinton’s Cabinet as Administrator of the U.S. Small
Business Administration, along with having been White House Deputy
Chief of Staff, Assistant to the President, and Deputy Director of
the Office of Management & Budget. In business, he has been
Chairman of WPP plc (which includes Ogilvy & Mather, J. Walter
Thompson, Young & Rubicam, Grey, Group M, Kantar, Hill &
Knowlton, and Burson-Marsteller, among other companies in 124
countries). Previously, he was Executive Vice President of Sir
James Goldsmith’s US holdings (including America’s then-largest
private landholdings) and President of Sea Pines Company
(developer/operator of large-scale resort communities),
universities in South Carolina and Australia, and Business
Executives for National Security. He has also served on the boards
of Lloyds of London, Marathon Oil, AES, Songbird (Canary Wharf),
and RAND Corporation.
Ambassador Lader’s education includes Duke, Michigan, Oxford and
Harvard Law School, and he has been awarded honorary doctorates by
14 universities. He was awarded the Benjamin Franklin Medal by The
Royal Society for Arts, Manufactures & Commerce for his
contributions to trans-Atlantic relations.
The new appointments for Aron and Lader follow the expected
resignations from the AMC Board of Lin Zhang and Mao Jun (John)
Zeng. Both are senior executives of China’s Wanda Group. Wanda was
the controlling shareholder of AMC between 2012 and 2020, and
recently sold most of its AMC shares.
Regarding the announcements, Adam Aron commented: “First, I want
to express my deepest and sincerest thanks to Lin Zhang and Mao Jun
Zeng for their contributions to AMC’s success and for their many
years of service as members of AMC’s Board of Directors. Their
support, guidance and true friendship has been extremely important
to me. Additionally, I am grateful to the full AMC Board for their
confidence in my continuing leadership. And it goes without saying
that I eagerly look forward to working with Phil Lader in his new
role as Lead Director of the Board, as well as with all of our
distinguished and talented Board members.”
Ambassador Lader commented: “Adam's leadership and my board
colleagues' commitment to AMC's shareowners, guests and employees
demonstrate our fundamental belief in movie theaters' incalculable
contributions to international commerce, culture and understanding.
As an avid movie-goer and film industry enthusiast as well as
corporate director, I look forward to AMC's continued resilience
and a bright future for movie-goers."
The full AMC Entertainment Holdings, Inc. Board of Directors
now includes:
Adam M. Aron – Chairman of the Board and CEO; former CEO of each
of Starwood Hotels and Resorts Worldwide Inc., the NBA’s
Philadelphia 76ers, Vail Resorts and Norwegian Cruise Line, as well
as having been the chief marketing officer of both United Airlines
and Hyatt Hotels & Resorts
Howard W. 'Hawk' Koch, Jr. – Movie producer, principal at The
Koch Company, former president of the Academy of Motion Picture
Arts and Sciences
Philip Lader - Senior Advisor to Morgan Stanley Institutional
Securities; formerly served as the U.S. Ambassador to the Court of
St. James’s, Administrator of the U.S. Small Business
Administration, White House Deputy Chief of Staff, Assistant to the
President and Deputy Director of the U.S. Office of Management
& Budget. Also former Chairman of WPP plc
Gary F. Locke – Trade consultant and owner of Locke Global
Strategies; formerly served as Governor of Washington, U.S.
Secretary of Commerce, and the U.S. Ambassador to the People’s
Republic of China
Kathleen M. Pawlus – Retired partner of Ernst and Young, LLP
having served as the Chief Financial Officer and Chief Operating
Officer of its Global Assurance practice
Anthony J. Saich – Director of the Ash Center for Democratic
Governance and Innovation as well as Daewoo Professor of
International Affairs at Harvard University’s Kennedy School of
Government
Adam J. Sussman – President of Epic Games; former Chief Digital
Officer of Nike, Inc.
Lee E. Wittlinger – Managing Director of Silver Lake; formerly
an investment banker at Goldman Sachs in its Technology, Media and
Telecommunications Group
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the United
States, the largest in Europe and the largest throughout the world
with approximately 950 theatres and 10,500 screens across the
globe. AMC has propelled innovation in the exhibition industry by:
deploying its Signature power-recliner seats; delivering enhanced
food and beverage choices; generating greater guest engagement
through its loyalty and subscription programs, web site and mobile
apps; offering premium large format experiences and playing a wide
variety of content including the latest Hollywood releases and
independent programming. For more information, visit
www.amctheatres.com.
Additional Information and Where to Find It
This communication may be deemed solicitation material in
respect of the Annual Meeting of stockholders (the “Annual
Meeting”) of AMC Entertainment Holdings, Inc. (“AMC” or the
“Company”). This communication does not constitute a solicitation
of any vote or approval. In connection with the Annual Meeting, the
Company filed a definitive proxy statement with the Securities and
Exchange Commission (the “SEC”) on June 16, 2021 regarding the
business to be conducted at the Annual Meeting. The Company may
also file other documents with the SEC regarding the business to be
conducted at the Annual Meeting. This document is not a substitute
for the proxy statement or any other document that may be filed by
the Company with the SEC.
BEFORE MAKING ANY VOTING DECISION, THE COMPANY’S STOCKHOLDERS
ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY AMENDMENTS
THERETO, IN THEIR ENTIRETY AND ANY OTHER DOCUMENTS FILED BY THE
COMPANY WITH THE SEC IN CONNECTION WITH THE BUSINESS TO BE
CONDUCTED AT THE ANNUAL MEETING BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION WITH RESPECT TO THE BUSINESS TO BE CONDUCTED AT
THE ANNUAL MEETING BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT
THE BUSINESS TO BE CONDUCTED AT THE ANNUAL MEETING.
Stockholders may obtain a free copy of the proxy statement and
other documents the Company files with the SEC (when available)
through the website maintained by the SEC at www.sec.gov. The
Company makes available free of charge on its investor relations
website at www.investor.amctheatres.com copies of materials it
files with, or furnishes to, the SEC.
Participants in the Solicitation
The Company and its directors, executive officers and certain
employees and other persons may be deemed to be participants in the
solicitation of proxies from the Company’s stockholders in
connection with the business to be conducted at the Annual Meeting.
Security holders may obtain information regarding the names,
affiliations and interests of the Company’s directors and executive
officers in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2020, which was filed with the SEC on March
12, 2021 (the “2021 Form 10-K”). To the extent the holdings of the
Company’s securities by the Company’s directors and executive
officers have changed since the amounts set forth in the Company’s
2021 Form 10-K, such changes have been or will be reflected on
Statements of Change in Ownership on Form 4 filed with the SEC.
Forward Looking Statements
This communication includes “forward-looking statements” within
the meaning of the federal securities laws. In many cases, these
forward-looking statements may be identified by the use of words
such as “will,” “may,” “could,” “would,” “should,” “believes,”
“expects,” “anticipates,” “estimates,” “intends,” “indicates,”
“projects,” “goals,” “objectives,” “targets,” “predicts,” “plans,”
“seeks,” and variations of these words and similar expressions.
Examples of forward-looking statements include statements we make
regarding the impact of COVID-19, future attendance levels and our
liquidity. Any forward-looking statement speaks only as of the date
on which it is made. These forward-looking statements may include,
among other things, statements related to AMC’s current
expectations regarding the performance of its business, financial
results, liquidity and capital resources, and the impact to its
business and financial condition of, and measures being taken in
response to, the COVID-19 virus, and are based on information
available at the time the statements are made and/or management’s
good faith belief as of that time with respect to future events,
and are subject to risks, trends, uncertainties and other facts
that could cause actual performance or results to differ materially
from those expressed in or suggested by the forward-looking
statements. These risks, trends, uncertainties and facts include,
but are not limited to, risks related to: AMC’s ability to obtain
additional liquidity, which if not realized or insufficient to
generate the material amounts of additional liquidity that will be
required unless it is able to achieve more normalized levels of
operating revenues, likely would result in AMC seeking an in-court
or out-of-court restructuring of its liabilities; the potential
impact of AMC’s existing or potential lease defaults; the impact of
the COVID-19 virus on AMC, the motion picture exhibition industry,
and the economy in general, including AMC’s response to the
COVID-19 virus related to suspension of operations at theatres,
personnel reductions and other cost-cutting measures and measures
to maintain necessary liquidity and increases in expenses relating
to precautionary measures at AMC’s facilities to protect the health
and well-being of AMC’s customers and employees; AMC’s significant
indebtedness, including its borrowing capacity and its ability to
meet its financial maintenance and other covenants; the manner,
timing and amount of benefit AMC receives under the CARES Act or
other applicable governmental benefits and support; the impact of
impairment losses; motion picture production and performance; AMC’s
lack of control over distributors of films; intense competition in
the geographic areas in which AMC operates; increased use of
alternative film delivery methods or other forms of entertainment;
shrinking exclusive theatrical release window; AMC Stubs A-List not
meeting anticipated revenue projections; general and international
economic, political, regulatory and other risks; limitations on the
availability of capital; AMC’s ability to refinance its
indebtedness on favorable terms; availability of financing upon
favorable terms or at all; risks relating to impairment losses,
including with respect to goodwill and other intangibles, and
theatre and other closure charges; and other factors discussed in
the reports AMC has filed with the SEC. Should one or more of these
risks, trends, uncertainties or facts materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by the
forward-looking statements contained herein. Accordingly, you are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved. For a detailed discussion of risks,
trends and uncertainties facing AMC, see the section entitled “Risk
Factors” in the Company’s 2021 Form 10-K filed with the SEC, and
the risks, trends and uncertainties identified in its other public
filings. AMC does not intend, and undertakes no duty, to update any
information contained herein to reflect future events or
circumstances, except as required by applicable law.
Category: Company Release
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version on businesswire.com: https://www.businesswire.com/news/home/20210721005326/en/
INVESTOR RELATIONS: John Merriwether, 866-248-3872
InvestorRelations@amctheatres.com
MEDIA CONTACTS: Ryan Noonan, (913) 213-2183
rnoonan@amctheatres.com
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