Garcia resigns from Cinemex post
Executive hints at differences in business philosopyMexico City -- Alma Rosa Garcia has resigned as chief executive of Cinemex, one of Mexico's top theater chains.
Mexican circuit MMCinemas purchased Cinemex from Kansas City-based AMC Entertainment for $315 million last year. At that time, Cinemex was operating about 500 screens in and around Mexico City. The acquisition positioned MMCinemas as one of the nation's leading exhibitors, with 1,400-plus screens throughout Mexico. Under the deal, MMCinemas retained the Cinemex brand name.
Garcia, who took the reins of Cinemex in May 2008, hinted in a statement Friday that she no longer shared the "business philosophy" under the new ownership.
A board of directors will assume Garcia's role of overseeing Cinemex's operations.
The Cinemex buyout left Mexico's exhibition sector concentrated with three major players: market leader Cinepolis, MMCinemas and Texas-based Cinemark.