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Cinemark has named newly installed CEO Sean Gamble to its board of directors.
Gamble, most recently CFO and COO of the movie theater chain, succeeded Mark Zoradi as CEO on Jan. 1, 2022. With Zoradi retiring, Cinemark also increased its boardroom by one member to 11 to allow Gamble to fill the new vacancy until he receives a formal election by shareholders at the next annual meeting of investors this year.
On Dec. 31, Gamble also received an amended employment agreement that includes his annual base salary rising to $825,000. In 2020, Gamble earned overall executive compensation of $2.5 million, which included $521,435 in base salary and another $1.82 million in stock awards.
Gamble’s salary was $625,000 in 2019 and $600,000 in 2018.
Gamble succeeds Zoradi with the exhibition industry in upheaval as the major studios have begun to shift big-budget tentpoles to premium video-on-demand — a platform that has come into its own during the COVID-19 crisis — shattering of the traditional theatrical window.
Cinemark, in a bid to woo viewers away from alternatives such as Netflix and other digital platforms, has been installing luxury recliner seating and new dining options in its theaters. In the last two years, the chain has faced theater closures and reopenings nationwide amid the COVID-19 pandemic.
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