AMC Welcomes Back Lin Zhang as Non-exec Chairman

The cinema giant will also be joined by its new CFO appointee this month to succeed Craig Ramsey.

CapitalWatch Staff
    Dec 04, 2019 11:00 AM  PT
AMC Welcomes Back Lin Zhang as Non-exec Chairman
author: CapitalWatch Staff   

AMC Entertainment Holdings Inc. (NYSE: AMC), down nearly 3% in trading Wednesday, welcomed back Lin "Lincoln" Zhang, now its non-executive chairman and director.

Zhang previously served in the position for nearly six years, in the period from August 2012 to March 2018. He has been leading the international investment operations at China's Wanda Group, the majority shareholder in AMC.

"Lincoln is a terrific colleague and is highly knowledgeable about our industry and company," AMC's chief executive, Adam Aron, said in a statement after markets closed Tuesday.

"We again will expect to benefit from his nearly 20 years of experience and always wise counsel," Aron added.

AMC said in the statement that Zhang succeeds board chairman, Zeng Maojun (John Zeng), president of Wanda Cinemas, who will continue to serve as an AMC board member.

In October, AMC announced the appointment of Sean Goodman in place of the current chief financial officer, Craig Ramsey, who prepares to retire after his 25th anniversary with the company.

Goodman, former CFO of Duluth-based Asbury Automotive Group, will join AMC this month and succeed Ramsey at the end of February, according to company statement.

Asbury scored revenue of nearly $7 billion in 2018 on $168 million in profit. AMC last year posted $5.5 billion in revenue on earnings of $110.1 million.

In its latest financial report, AMC reported $54.8 million in losses and revenue of $1.3 billion for the third quarter.

Michael Pachter, a financial analyst at Wedbush Securities, noted that AMC's average ticket prices were lower than expected during the quarter, which may have "spooked" investors away.

The stock in AMC was trading at $8.04 per share on Wednesday afternoon.