AMC Theatres names former NBA owner as new CEO

U.S. Movie Theater Shares May Lose Steam Despite Blockbusters
U.S. Movie Theater Shares May Lose Steam Despite Blockbusters

AMC Theatres has hired as its CEO Adam Aron, the CEO of Starwood Hotels and Resorts Worldwide and the former CEO and co-owner of the Philadelphia 76ers NBA team.

AMC has 4,937 screens at 348 locations primarily in the U.S., though the company is a subsidiary of Dalian Wanda Group, which also operates Wanda Cinemas in China and Hoyts Group in Australia. The assets combined make Dalian Wanda the biggest movie exhibitor in the world.

Aron, who also becomes a member of the AMC board of directors, will replace Craig Ramsey, who will remain as CFO. Ramsey had been interim CEO since August when Gerry Lopez resigned.

Beyond Starwood and the 76ers, Aron's experience includes CEO of Vail Resorts for a decade, CEO of Norwegian Cruise Line and an executive with United Airlines and Hyatt Hotels. Until this year, he was also a senior operating partner with Apollo Management, which was part of an investment group that took AMC private in 2004.

Dalian Wanda acquired AMC in 2012 for $2.6 billion.

"Adam has demonstrated an ability to target capital investments, implement customer-focused innovations and organize his teams to drive incredible guest experiences that produce exceptional financial returns," said AMC board member Jack Gao.

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