20th Nov 2013 08:58
LONDON (Alliance News) - Cineworld Group PLC Wednesday said its founder and Chief Executive Steve Wiener has decided to leave at the end of March to "enjoy the fruits of his success".
It said an announcement regarding a new CEO will be made in due course.
Wiener founded the company in 1995 and has grown it to be the UK's biggest chain of cinemas.
"In 1995 my wife Jenny and I wrote a business plan to start a cinema company. We expected over a five year period to open five-seven multiplex cinemas and sell it on to one of the big operators. Today, in 2013, Cineworld is the number one cinema chain in the UK and has been for more than three years," Wiener said in a statement.
Last month, Cineworld was forced to sell cinemas in Aberdeen, Cambridge and Burt St Edmunds by the UK competition regulator after the firm bought City Screen Ltd. The regulator said there wasn't enough competition in these cities after the deal.
Cineworld had reported a jump in profits and revenue in the first half of the year, driven by increased box office receipts, strong growth in its membership programme, and revenue contributions from the earlier acquisition of the Picturehouse cinema chain.
Cineworld shares were down 1.9% at 364 pence early Wednesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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