my profile | my password | search | faq & rules | forum home

» Film-Tech Forum ARCHIVE   » Operations   » Ground Level   » Regal Entertainment CEO Mike Campbell stepping down (Page 1)

This topic comprises 2 pages: 1  2

Author Topic: Regal Entertainment CEO Mike Campbell stepping down Dennis Benjamin Phenomenal Film Handler Posts: 1445 From: Denton, MD Registered: Feb 2002 posted 05-08-2009 12:08 PM                        LINK Regal Entertainment CEO Mike Campbell stepping down He will remain the movie theater chain's executive chairman. Chief Financial Officer Amy Miles was named the company's new chief executive. By Richard Verrier May 7, 2009 Marking the latest shift in the executive suites of the movie theater industry, Regal Entertainment Group said Wednesday that Amy Miles, the company's chief financial officer, had been named chief executive, replacing Mike Campbell, who remains executive chairman. Miles, 42, a former executive with Deloitte & Touche and PricewaterhouseCoopers, has been Regal's CFO since March 2002. She will be replaced by David Ownby, who has been the company's senior vice president of finance. The changes take effect June 30. Although Miles will oversee the daily operations of the company, Campbell said he would remain active in various "strategic initiatives," including possible acquisitions of other theater companies and the conversion of Regal's theaters to digital technology. Regal, the nation's No. 1 theater chain, operates 6,782 screens in 550 theaters in 39 states. Regal, controlled by investor Phil Anschutz, said the change was part of a succession plan under which Campbell, who founded Regal in 1989 and presided over a series of acquisitions, would continue as chairman of the board. Nonetheless, the news took analysts by surprise. "They may have been working on this a long time, but I don't think Wall Street was anticipating this," said Jeffrey Logsdon of BMO Capital Markets. Anschutz's entertainment interests include sports and concert giant AEG, movie production company Walden Media as well stakes in the Los Angeles Lakers and Kings. The announcement, made during the company's annual shareholder meeting in Knoxville, Tenn., came days after Regal announced that net income in the first quarter had dropped 22% to $21.3 million, largely because of charges for closing theaters and interest expense. Revenue for the period was up 6% to $655 million as theater operators benefited from strong ticket sales this year. Campbell, 55, said in an interview that he suggested the change to the board, citing corporate governance issues to separate the duties of chairman and CEO. "I think it's just good succession planning and good for the company and something I've been thinking about for the last two years," he said. Campbell's stepping down comes in the wake of two other recent chief executive turnovers at major theater operators. In February, No. 2-ranked AMC Entertainment Inc. tapped Gerardo Lopez, a former Starbucks Corp. executive, to become chief executive. A month earlier, No. 4-ranked Carmike Cinemas Inc. ousted CEO Michael W. Patrick. Despite increases in ticket sales this year, attendance levels at movie theaters have been largely flat over the long term as consumers face an ever-wider array of entertainment choices. Theaters are embracing 3-D technology in the hope of attracting a generation of audiences reared on video games and the Internet. Regal's management shifts appeared to be supported by Wall Street. The company's shares closed Wednesday at $14.08, up 26 cents.  |  IP: Logged Mike Blakesley Film God Posts: 12767 From: Forsyth, Montana Registered: Jun 99 posted 05-08-2009 01:56 PM                        quote: The L.A. Times Despite increases in ticket sales this year, attendance levels at movie theaters have been largely flat over the long term as consumers face an ever-wider array of entertainment choices. That's a dumb sentence on a couple of levels. If there is an 'ever wider array of entertainment choices,' then that means the cinemas's share of the pie is actually increasing, if attendance is flat (which is definitely isn't this year). Also, the LA Times should know about the cyclical nature of the movie business if any paper should. The newspaper business is just jealous because it is dying and the theatre business isn't.  |  IP: Logged Monte L Fullmer Film God Posts: 8367 From: Nampa, Idaho, USA Registered: Nov 2004 posted 05-09-2009 02:28 AM                     Prob is a stradegy move for Mr.Campbell to do the step-down and let someone else (like this Amy Miles) to grab a hold of the reigns and guide REG down the theatre industry road in a positive, productive and successful manner. Interesting reading on about Mr.Patrick stepping down from his CEO post to remain on the board of directors. Maybe the new CEO of Carmike, Mr Passman III, will grab a hold of those reigns on those wild and insane horses and get that circuit on a better trail than what they were heading down to. They needed that "breath of fresh air-change of scenery" badly if they're going to keep rolling forward as a competitive circuit. My kudos to REG!  |  IP: Logged Louis Bornwasser Film God Posts: 4441 From: prospect ky usa Registered: Mar 2005 posted 05-09-2009 05:48 AM                        Mike; I think it IS flat at the large chain level since they all all out of good ideas to serve the customer and seem, instead, to be beset on exploiting him. It ain't pretty especially since the customer is smarter now than before. everyone gets it, except the CEO's. (Ivory tower syndrome.) Louis  |  IP: Logged Mark Gulbrandsen Resident Trollmaster Posts: 16657 From: Music City Registered: Jun 99 posted 05-09-2009 09:25 AM                     Louis, You're almost correct. The ivory tower part and all. Its not that they've run out of ideas, its that they want it all for themselves and are not willing to give the cuistomer anything at all any more let alone the poor overworked employee. This is why many an independent that is running his theater to serve his customers, and employees is doing better numbers. Mark  |  IP: Logged John Joseph Fink Film Handler Posts: 60 From: West Hartford, CT Registered: Feb 2006 posted 05-09-2009 10:41 AM                        Did Campbell bankrupt Regal many years ago with his stupid policies of rapid expansion that led many moronic decisions? The worst was his decision to build two theaters in North Bergen, NJ. The first was planned by a chain they purchased, Magic Cinemas and went discount three months after they opened their doors. A year or so later they built a theater with a somewhat similar configuration two miles away. Meanwhile both were sharing films with the Loews sites in Secacus, which were successful as they were in the middle of shopping and dinning options. As for the two Regals: Bergen Plaza was in a parking garage under a super market in an industrial neighborhood, and Columbia Park was also in a parking garage under a Big Box shopping center. Way to build new 25 screens just to build 25 screens. (Regal had 12 and 13 screens, Loews 8 and 6 - which got the first choice when it came to bookings). I'm sure there is countless other stupid moves Regal made in other markets. I know of one 20-plex that opened and closed in Florida. They grew too quickly, too fast and it's amazing they Campbell was not only permitted continue, but lead the chain in acquiring UA and Edwards. They, like the industry have become smarter with the sites they build/open/acquire in recent years, but with a lack of judgement and responsible management in the beginning, I'm shocked Campbell has made it this long.  |  IP: Logged Joe Redifer You need a beating today Posts: 12859 From: Denver, Colorado Registered: May 99 posted 05-09-2009 10:51 AM                        Does this mean Regal will stop painting their buildings with the ugliest paint and designs imaginable? They made the Continental look like a theater that belongs in Arizona or New Mexico.  |  IP: Logged Mike Olpin Chop Chop! Posts: 1852 From: Dallas, TX Registered: Jan 2002 posted 05-09-2009 12:01 PM                     quote: John Joseph Fink Campbell was not only permitted continue, but lead the chain in acquiring UA and Edwards You can blame Anschutz for that. He acquired the three bankrupt companies separately, and then merged them, giving control to Regal since they had more experience in acquisition and retraining.  |  IP: Logged Bobby Henderson "Ask me about Trajan." Posts: 10973 From: Lawton, OK, USA Registered: Apr 2001 posted 05-09-2009 01:45 PM                     The big thing missing from movie theater chains is attention to detail in presentation quality. They don't seem to be interested in that at all since proper theater maintenance costs more money. I think their stance is the stupid customer will still come to the theater even if the projection is dim "movies by Braille" and the audio is in the glory of muddy mono. My feeling is movie theater chain executives need to look at how successful restaurant chains are run. Sure, everyone likes to just get out of the house but when they choose a restaurant the quality and variety of the food is usually the top priority. Some companies like Darden and Brinker are very demanding in that regard. A general manager at an Olive Garden or Red Lobster location can be fired if three or more customers file complaints about bad dining experiences there within a year. The only area where big theater chains have any sort of focus like that at all is in the concession stand. Who gives a damn about what's going on with the main the product the theater sells (the movie presentation)? Some chains will automatically fire an employee if he fails to upsell to a checker. I don't visit movie theaters to be wowed by the lobby decor or variety of high priced concession items. I went to the theater to see a movie. The quality of that presentation has to be a vital area of focus for big theater chains. Right now I don't think that is the case. Oh, and I think movie distributors have some blame to share in this as well. They'll pay someone to visit the theater to make sure all the proper movie trailers are running. But what about checking the damned quality in how the main feature is being presented? They don't do that. And I think that's pretty foolish. If I was an executive at a major distributor like Fox and had just released a $200 million movie I'd really like to know how that feature is being handled and have people out there finding out the truth. Movie theater chain executives need to be visiting more than just the lobby and management office when they visit various locations.  |  IP: Logged Louis Bornwasser Film God Posts: 4441 From: prospect ky usa Registered: Mar 2005 posted 05-09-2009 03:36 PM                        Bobby: "You can't handle the truth." I have been waiting for years. . . . They're too big. Yes, the studios have just about lost control, except with smaller cinemas. Louis  |  IP: Logged Sam D. Chavez Film God Posts: 2153 From: Martinez, CA USA Registered: Aug 2003 posted 05-09-2009 04:44 PM                       Bobby and Louis, You're both preaching to the choir. IMHO, Hollywood generally does not care about cinema presentation outside major metropolitan areas. They totally have the upper hand but since the film will only run a few weeks before DVD release hey don't care so much. Disney seems a bit more demanding than the others.  |  IP: Logged Jesse Skeen Phenomenal Film Handler Posts: 1517 From: Sacramento, CA Registered: Aug 2000 posted 05-09-2009 05:44 PM                     Just look up my past posts (2000-2001) to see why I STOPPED working for this company, and to see what they would have fired me for (not for bad presentation!) They want digital projection to take over soon anyways; that can run by itself easier than film can.  |  IP: Logged Monte L Fullmer Film God Posts: 8367 From: Nampa, Idaho, USA Registered: Nov 2004 posted 05-09-2009 06:54 PM                     quote: John Joseph Fink Did Campbell bankrupt Regal many years ago with his stupid policies of rapid expansion that led many moronic decisions? He might have, but there were tons others who went "megaplex crazy" by the summer of 1999, then when the crash hit in 2000, it took those others down as well - with these companies building these 'plexes and not thinking about their smaller and older locations. Then, when the crash hit along with the customers heading to these 'plexes, it left those smaller and older locations without customers coming to them, then the domino effect hit with tonnage of red ink in the dockets. So, don't single out Campbell for being the ring leader in making operational fubars..they're were tons others in the pile that did the same..and one of them is what caused my eventual leaving the REG group...thx to a son killing a father's empire. I left REG due to location misoperations that caused my benefits to head out the window in a flash along with a serious decrease in wages.  |  IP: Logged Joe Redifer You need a beating today Posts: 12859 From: Denver, Colorado Registered: May 99 posted 05-09-2009 07:45 PM                        quote: Monte L Fullmer I left REG due to location misoperations that caused my benefits to head out the window in a flash along with a serious decrease in wages. You did exactly what they wanted you to do.  |  IP: Logged Monte L Fullmer Film God Posts: 8367 From: Nampa, Idaho, USA Registered: Nov 2004 posted 05-09-2009 08:45 PM                     You got that right...  |  IP: Logged

All times are Central (GMT -6:00)

This topic comprises 2 pages: 1  2

Printer-friendly view of this topic

Hop To: Select a Forum: Category: Operations -------------------- Digital Cinema Forum Film Handlers' Forum Large Format Forum Ground Level Feature Info, Trailer Attachments & REAL Credit Offsets Category: Community -------------------- Film-Yak Film Handlers' Movie Reviews The Afterlife Bob Maar's Joke-A-Thon Category: Classified -------------------- Equipment and Supplies Wanted/For Sale Help Wanted/Seeking Employment Category: System -------------------- Software Beta Testing Forum

The Film-Tech Forums are designed for various members related to the cinema industry to express their opinions, viewpoints and testimonials on various products, services and events based upon speculation, personal knowledge and factual information through use, therefore all views represented here allow no liability upon the publishers of this web site and the owners of said views assume no liability for any ill will resulting from these postings. The posts made here are for educational as well as entertainment purposes and as such anyone viewing this portion of the website must accept these views as statements of the author of that opinion and agrees to release the authors from any and all liability.