Warner, 70, is stepping down after 20 years at the company, and 50 in the exhibition industry. The company says he will “provide consulting services” after the expiration of his employment agreement. He’ll also become the board’s vice chairman, under Chairman Lee Roy Mitchell. Warner’s contract, extended in early 2014, was due to expire in April 2016.
COO Robert Copple and Cinemark International President Valmir Fernandes will remain in their current jobs.
Zorardi joined DWA in July 2014, but left in January as part of the struggling studio’s restructuring. Before then he was COO of Dick Cook Studios, and spent about 30 years at Disney. His tenure there included stints as president of the Motion Picture Group overseeing marketing and distribution. He also helped to launch Walt Disney Home Entertainment and The Disney Channel and served as General Manager of Buena Vista Television.
“Theatrical exhibition continues to drive the economic engine of the motion picture business and Cinemark’s global operations are particularly well-positioned in this ever-evolving industry.” Zorardi says.
Cinemark shares have appreciated 4.9% over the last 12 months, behind AMC Entertainment which is +29% but well ahead of Regal Entertainment which is -10.4%.
The Texas-based chain had 4,491 U.S. screens at the end of June. It also had 1,229 in countries including Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala and Bolivia. It operated in Mexico until late 2013.
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