AMC Entertainment’s non-Executive Chairman, Lincoln Zhang, has resigned from his position at North America’s leading exhibition chain. Also known as Zhang Lin, the exec is expected to transition to a new role at AMC parent Dalian Wanda Group. AMC noted the change in a regulatory filing this week.
Zhang was Chairman of the Board and served as a Class III Director of the Board of AMC. He became Chairman in August 2012 after Wanda acquired the company. No replacement has yet been set, although AMC said it expects to select a new Chairman shortly. The move comes amid reports of the resignation of two senior China-based Wanda film execs. Jiang Defu, general manager of Wanda Pictures, and Que Wenxiong, general manager of Wuzhou Film Distribution, are said to have resigned on Friday.
As Dalian Wanda Group Chairman Wang Jianlin pursues an asset-light strategy with a focus on reducing corporate debt, the company has sold off billions in holdings over the past several months. Specifically in the film unit, it last month sold a 12.77% stake for RMB 7.8B ($1.24B) to an affiliate of Jack Ma’s Alibaba Group, and the state-owned Cultural Investment Holdings Co.
Changes in Wanda’s executive ranks are not uncommon. Jack Gao stepped down as SVP of the Dalian Wanda Group and as the interim CEO of Legendary Entertainment last October. Gao had taken over in the CEO role when founder Thomas Tull exited. In January this year, Jiang Wei (who also goes by the first name of Wayne) was appointed CEO of Legendary East.
Embattled Wanda recently had a spot of good news with Detective Chinatown 2 which has grossed over $520M in China after opening during the Lunar New Year holiday.