Movie theatre company Cineplex Inc. says president and chief executive Ellis Jacob will retire at the end of next year.
Cineplex board chair Phyllis Yaffe praised Jacob for his work in building the company over the past four decades. The company said Jacob will continue to lead Cineplex in the interim and help in the transition to new leadership.
“Ellis is, quite simply, a giant in our industry,” Yaffe said in a press release.
“It has been a privilege to work alongside him for many years and we look forward to working with him through this transition.”
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Jacob was appointed president and chief executive of Cineplex in 2003 when the Canadian assets of Lowes Cineplex Entertainment and Galaxy Entertainment Inc. were merged.
Before his current role, Jacob was president and CEO of Galaxy Entertainment, which he co-founded in 1999.
Cineplex has over 170 movie theatres and entertainment venues across Canada. The company has also long run its RecRoom arcade and dining venues.
“After thoughtful consideration, I welcome this next chapter. For decades, I have been focused on making Cineplex a great Canadian company, and I move forward with immense pride in what we’ve built for generations of Canadian movie fans who come to us for those magical moments of escape that can only be found in a true theatre experience,” Jacob said in a statement.
“I remain committed to working with the board and the talented team at Cineplex during this transition period and have unwavering confidence in Cineplex’s bright future.”
RBC analyst Drew McReynolds said Jacob “has been the visionary beating heart of not only Cineplex but the broader theatrical exhibition industry for decades.”
“While these shoes are next to impossible to fill, we expect the leadership transition at Cineplex to be seamless and believe the transition timing is consistent with what should be a full industry recovery by 2026,” McReynolds said in a note on Friday.
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