Cinemark Founder Lee Roy Mitchell to Retire from Board
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Cinemark founder Lee Roy Mitchell is stepping down from the exhibition giant’s board of directors after a near 40-year career.
He and his wife, Tandy, launched Cinemark in 1984, when he first took a seat in the boardroom. Mitchell served as CEO until 2006, and moved from his role as executive chairman to member of the board last year.
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Kevin Mitchell, who founded and served as CEO of ShowBiz Cinemas until he sold his stake in the company in late 2021, will succeed Mitchell as a director of Cinemark, which is led by Sean Gamble as president and CEO.
“Our strategic vision was to build a leading global cinema circuit, and I am humbled to have worked alongside such an incredible leadership team and board to execute upon that vision. Kevin is a natural successor given his considerable industry knowledge and experience gleaned over the past three decades,” Mitchell said of his role along with his wife in building Cinemark to become the third largest theater circuit in the U.S. market, with currently nearly 6000 cinema screens in 16 countries.
Cinemark has come through the disruption of the pandemic with Hollywood studios once again leaning into theatrical releases. But the exhibitor is still battling to bring viewers into its theaters and away from alternatives such as Netflix and other digital platforms, not least with the offer of luxury recliner seating and new dining options.
Cinemark chairman Carlos Sepulveda paid tribute to Mitchell as he steps down from the board.
“His entrepreneurial spirit, fervor for theatrical moviegoing, and passion for people have helped differentiate the company and guide its strategic direction. On behalf of the board and the entire Cinemark team, we are immensely grateful to Lee Roy for his leadership and tremendous value added over the years, and we will work diligently to continue to position the company he founded for long-term success,” Sepulveda said in a statement.
