CENTENNIAL, Colo.--(BUSINESS WIRE)--
National CineMedia, Inc. (NASDAQ: NCMI) (the Company), the managing
member and owner of 45.2% of National CineMedia, LLC (NCM LLC), the
operator of the largest in-theatre digital media network in North
America, today announced that it will implement its Chairman and CEO
succession plan. Kurt C. Hall, who helped found the Company in 2005 with
the three leading cinema operators AMC, Cinemark and Regal, will retire
as Chairman, President and Chief Executive Officer upon the appointment
of his CEO successor. The Board of Directors has retained executive
search firm Heidrick & Struggles to identify a new CEO to succeed Mr.
Hall. Upon the appointment of a new CEO, Scott N. Schneider, currently
Lead Director of the Company's Board of Directors, will succeed Mr. Hall
as Chairman of the Board and Mr. Hall will continue in a 24-month
consulting role as an advisor to the Board and CEO to facilitate a
seamless transition and consult on other business matters.
"It has been an honor and a privilege to lead NCM's talented and
dedicated team from start-up through an exciting period of growth," said
Kurt Hall, NCM's Chairman, President and CEO. "Since our initial public
offering in 2007, we have consistently returned value to our
shareholders as we have expanded the Company into a leading video
advertising network through the creation of the world's largest cinema
digital distribution network and formation of an expanding theatre
circuit and advertising client relationship base. Given NCM's recent
strong financial performance and strengthening market position, now
seemed like the right time to transition to the next generation of
leadership. It is also important to me to reduce my day-to-day
participation with our company so that I can spend more time with my
family after recovery from some recent health issues. With a meaningful
investment in the Company, I look forward to continuing to work with the
Company's Board and leadership team to ensure a seamless transition and
strong growth and shareholder value creation for many years to come."
"On behalf of the NCM board, I want to thank Kurt for his commitment and
many years of contributions to our company," said Scott N. Schneider,
Lead Director of the NCM board. "Under his leadership, NCM has driven
continued geographic expansion through additional theatre circuit
agreements, improved our advertising products and significantly
increased advertising revenue for our theatre circuit partners and
dividends for our shareholders. Kurt has set the tone for our company
for over 10 years, founding a structure that has provided enormous value
to our shareholders, employees and affiliated theatres, and leading the
Company to compete aggressively in the challenging video advertising
marketplace. I am confident that the Company has a strong foundation in
place and will continue to strengthen our offerings to drive growth and
shareholder value under new leadership."
About Kurt C. Hall
While Co-Chairman and Co-CEO of Regal Entertainment Group in 2002, Mr.
Hall founded and was the CEO of one of NCM's predecessor companies,
Regal CineMedia Corporation. Mr. Hall was appointed President, Chief
Executive Officer and Chairman of NCM, LLC when it was formed in March
2005 as a partnership between AMC's media subsidiary National Cinema
Network, Cinemark and Regal's media subsidiary Regal CineMedia, and has
held those same positions with the Company since it went public in
February 2007. Mr. Hall served as Co-Chairman and Co-Chief Executive
Officer of Regal Entertainment Group and President and Chief Executive
Officer of Regal CineMedia from May 2002 to May 2005. From 1988 to 2002,
Mr. Hall held various executive positions with United Artists Theatre
Company, and its predecessor companies, including CFO and then CEO,
prior to it becoming part of Regal Entertainment Group.
About Scott N. Schneider
Scott N. Schneider, currently Lead Director at the Company, has been on
the Company's Board of Directors since February 2007. Mr. Schneider has
provided financial consulting and advisory services to the
communications industry since 2009. He also has over 35 years of
experience in the media, telecom and technology industries, serving in
various senior executive capacities with Century Communications Corp.
(cable television); Centennial Communications Corp. (cellular /
wireless); Frontier Communications Corp. (wireline telephone); and
Electric Lightwave (digital bypass). In addition to having been a member
of the Board of each, Mr. Schneider also served on the Boards of
NuSkies, LLC and Bonten Media Group. Mr. Schneider also served as
Chairman of the Media Group at Diamond Castle Holdings, a private equity
firm.
About National CineMedia, Inc.
National CineMedia (NCM) is America's Movie Network. As the #1 weekend
network in the U.S., NCM helps brands get in front of the movies that
shape the national conversation. More than 700 million moviegoers
annually attend theatres that are currently under contract to present
NCM's FirstLook pre-show in over 40 leading national and regional
theater circuits including AMC Entertainment Inc. (NYSE:AMC), Cinemark
Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (NYSE: RGC).
NCM's cinema advertising network offers broad reach and unparalleled
audience engagement with approximately 20,150 screens in approximately
1,600 theaters in 187 Designated Market Areas® (49 of the top 50). NCM
Digital goes beyond the big screen, extending in-theater campaigns into
online and mobile marketing programs to reach entertainment audiences.
National CineMedia, Inc. (NASDAQ:NCMI) owns a 45.2% interest in, and is
the managing member of, National CineMedia, LLC. For more information,
visit www.ncm.com.
Forward-Looking Statements
This press release contains various forward-looking statements that
reflect management's current expectations or beliefs regarding, among
other things, the timing of selection of Mr. Hall's successor as CEO and
succession to the position of Chairman of the Board, as well as the
Company's expected continued performance under new leadership. Investors
are cautioned that reliance on these forward-looking statements involves
risks and uncertainties.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150806006375/en/
National CineMedia, Inc.
INVESTOR CONTACT:
David
Oddo, 800-844-0935
investors@ncm.com
or
MEDIA
CONTACT:
Amy Jane Finnerty, 212-931-8117
amy.finnerty@ncm.com
Source: National CineMedia, Inc.
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