Hollywood Sign - H 2015
AP Images/InvisionTheater-advertising company Screenvision said Thursday that CEO Travis Reid is retiring from the company and that the firm will operate without a chief executive while the board of directors seeks Reid’s replacement.
The New York-based company said Reid plans to move to California to pursue other opportunities. He is an investor in Screenvision and will remain on its board of directors so presumably will have a say in the hiring of his successor.
“We have confidence in the senior management executive committee reporting to the board to lead us during this interim phase,” a spokeswoman said Friday.
Late last year, Screenvision and competitor National CineMedia called off a planned $375 million merger rather than fight with the Department of Justice, which objected to the planned marriage.
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Both Screenvision and National CineMedia took part in this year’s upfronts advertising event. National CineMedia, a public company, says more people watch its FirstLook block of ads at movie theaters on weekends than watch any broadcast or cable TV network. The company reported a $13.4 million profit in 2014 on $394 million revenue.
Screenvision, a private company, is less forthcoming about its financials.
“We are grateful for Travis’s many accomplishments and company leadership while CEO at Screenvision — from the expansion of digital distribution across 100 percent of our national network to increased innovation for the company and category,” said Andrew Howard, a partner at Shamrock Capital, which has a stake in Screenvision.
“Coming off of a successful upfront event by our sales and marketing teams, Screenvision is pacing significantly ahead of last year and is well poised for continued success,” Howard said.
