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Exhibition’s highest-profile CEO is winding down his executive duties.
No. 1 U.S. exhibitor Regal Entertainment Group said Wednesday that CFO Amy Miles will succeed circuit founder Mike Campbell as chief executive. Campbell, who founded Regal Cinemas in 1989, will transition to executive chairman of REG when the changes take effect June 30.
Senior vp finance David Ownby was named the new CFO. Gregg Dunn continues as president and COO at REG, which operates 6,782 screens in 550 theaters in 39 states and Washington.
Campbell described his new role as one focusing on corporate strategy.
“This is something I’ve been thinking about doing for several years,” Campbell said. “I informed our board a couple years ago about what I was thinking about doing, and they are glad I’ll still be engaged.”
Miles said she was pleased to be handed the corporate reins “in such an exciting time for Regal and the theater exhibition industry.”
The arrival of digital distribution and 3-D projection make exhibition “the best industry you could want to be in,” she added.
Miles joined Regal in January 2000. She held senior management positions at the accounting firms Deloitte & Touche and PricewaterhouseCooper.
Regal shares rose 26 cents , or 1.9%, to close at $14.08 on Wednesday.
On April 30, the Knoxville, Tenn.-based company reported a 22% drop in first-quarter profit to $21.3 million as 6% higher revenue — at $665.6 million — from strong boxoffice early in the year was offset by a fiscal calendar shift and higher costs.
Campbell’s decades-long career in exhibition traces back to a single-screen theater in Knoxville. The company was catapulted to its current industry-leading perch through a series of acquisitions of troubled rival circuits in 2002-203 by billionaire investor Phil Anschutz, who remains Regal’s controlling shareholder.
In 2008, Campbell was honored as Pioneer of the Year by the Will Rogers Motion Picture Pioneers Foundation, which lauded the Regal topper’s efforts on behalf of a range of charitable organizations.
Campbell, who was CEO of Premiere Cinemas from 1982-89, is past chairman of the National Association of Theatre Owners and has been honored with industry awards including the ShoWester and Show “E” laurels at the annual ShoWest exhibition confab.
Georg Szalai reported from New York and Carl DiOrio reported from Los Angeles.
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